PSE INDEX SURGES

The Philippine Stock Exchange (PSE) index surged higher today, going up by 165.88 points or 2.71 % to 6,278.59 points as the foreign sell-down that has characterized trading for the past three months changed gear, with net foreign buying perking up the market.

Net foreign buying amounted to P343 million, the first time the foreign investors bought more than they sold, as foreign buying reached P5.417 billion while foreign selling amounted to P5.0748 billion, with BDO Unibank, Bank of PI, Jollibee Foods and market bellwether SM Investments posting net foreign buying.

The financials gained 4.9 percent, followed by the mining and oil subsector which was  up 3.85 percent and property 3.59 percent. BDO gained P3.15 to P93.95 on value turnover of P620 million while Bank of PI rose by P6.80 to P75.80 on a volume of P484.03 million.BDO had foreign buying of P170 million while BPI, P159 million.

Value turnover amounted to P10.522 billion with 163 gainers and 99 losers with 39 shares unchanged as market punters bought even the second liners on prospects of a surging stock market.and a future-proofed economy like the government push to give loans to MSMEs which account for 70 percent of the economy.

Jollibee Foods had foreign buying of P114 million as it added P1 to its share price to close at P170 after days of foreign sell down. What checked the selling was the purchases done by its affiliate Hyper Dynamics Corp which bought JFC shares from P140 per share.