• The Financial District


The Philippine Stock Exchange (PSE) index today surged beyond its milestone level as the speculative play on the oil companies with the prospects of drilling operations in the West Philippine Sea towed interest in the market with the indicator up by a big 120.79 points or 2.05 percent to 6,019.26 points.

Interest in Philex Petroleum heightened that said oil subsidiary of Philex Mining, hit the price freeze ceiling at 50 percent as its share price  rose by P3.86 to P11.58 with investors positioning themselves ahead of a drilling operation in the WPS where the likelihood of another Malampaya find is being bruited about.

Other oil firms with operations in the WPS also went up save for Apex Mining which lost 7 centavos to P2.02 on a big volume of P257 million, the fourth active gainer in today’s trading. GT Capital, the holding firm of Metrobank, was the most active stock with its share price up by P21.60 to P400 on value turnover of P336 million.

Dito, the third telco, was the second most active stock with transactions of P291.4 million as its shares went up by 14 centavos to P6.24. Jollibee Foods, which has been perking up of late, rose by 7.60 to P154.60 with total trades of P285 million.

Value turnover hit P5.443 billion with gainers outnumbering losers, 125 to 76 with 46 shares unchanged as investors went back to the market picking up second liners and other blue chips that have gone down considerably. PLDT and Globe Telecom were respectively up by P20 and P10 to close at P1,298 and P2,002. Market bellwether SM Investments went up  by P30 to P894 while market darling MerryMart succumbed to profit taking with its shares down by one centavo to P3.38.

The mining and oil index provided the impetus for the PSE index to rise above the 6,000 psychological level as it registered a rise of 4.30 percent that together with the holding firms of 3.03 percent rise and the property sector of 2.21 percent led to the PSE index hitting a new high.

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@2020 by The Financial District