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PSE INDEX SURGES ON EXPLOSIVE BLUE CHIPS' RUN
- By The Financial District
- Jun 2, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index surged beyond another milestone level on an explosive run of blue chips with foreign investors being net buyers of almost P2 billion in what market analysts said is a higher trajectory as it nears its resistance level to finish with a flourish at 6,841.69 points, up a hefty 214.26 points or 3.23 percent.
Property stocks led the upsurge in their share prices towing all the sub-sectors forward with a huge 4.41 percent rise as the index nears its resistance level at 6,850 points that would signify the index hitting the next milestone level.
SM Prime and Ayala Land led the most active stocks in a one-two punch of property shares which long ago suffered sell-downs. SM Prime, backed by foreign buying of P878 million, was the most active at P1.048 billion in trades as it gained P1.45 to P38.05.
Ayala Land posted a much higher rise of P1.95 or 5.75 percent up to finish at P36.95 with P841 million in trades, of which P384 million was credited to foreign buying.
Monde Nissin again posted a 2 centavo loss at P3.48 with trades of P925 million, while market bellwether SM Investments posted a 4.11 percent rise or P39.50 addition to close at P1,000.
Jollibee Foods rose by P6.20 to P194.70, BDO Unibank was up by 70 centavos to P106.50, Bank of PI by P1.40 to P85.70, and Metrobank by 5 centavos to P48.55 as investors went strong for blue chip stocks.
Net foreign buying amounted to P1.8 billion, the first time it hit beyond P1 billion with foreign selling of P3.265 billion and foreign buying of P5.1043 billion. ICTSI was one of the nine blue chips that posted net foreign buying as it rose by P5.60 to P149.10.
Value turnover amounted to P9.505 billion with gainers three times more than gainers, 153 to 52 with 49 shares unchanged. Market analysts see a pullback should the index fail to pierce through its resistance level at 6,850 points. However, good economic news could propel the index forward to the 7,000 point level.
