PSE INDEX TOPS NEW MILESTONE

The Philippine Stock Exchange (PSE) index today topped its new psychological milestone level closing 38.25 points or 0.55 percent up to 7,002.26 with all sub-indices in positive territory and looks set to break its year-high next as foreign investors came in droves to signal a bullish run.

Net foreign buying amounted to P754 million on foreign buying of P2.707 billion and foreign selling of P1.953 billion as investors rushed to pick up blue chips that were battered initially, with market bellwether SM Investments closing P2 higher to P1,018, and Wilcon Depot, with foreign buying of P29 million seeing its shares rise by P1.20 to P21 as the construction sector pulls up.

Holcim Cement also rose by 11 centavos to P7.26, while second liners Ever Gotesco and Boulevard Holdings were in the Top 20 most active stocks, the former posting a loss of P0.03 to P0.54, and the latter gaining P0.003 to P0.138. Monde Nissin was unchanged at P17.

Value turnover amounted to P5,848 billion with 108 gainers, 100 losers and 36 shares unchanged with the services sector, powered by ICTSI’s gain of P5.30 to P165.30, posting the biggest gain among the sub-indices at 1.48 percent.

The financials rose by 0.29 percent, the industrials, 0.27 percent, holding firms, 0.39 percent, mining and oil, 1.05 percent, and property 0.54 percent.

SM Prime was the most active stock with trades of P899 million as it showed a rise of 10 centavos in its stock to P37, on a huge foreign buying of P714 million. Globe, also with foreign buying of P54 million, rose by P15 to P1,885 while Jollibee Foods declined by P1 to P213.

Market analysts see a possible run-up to the next psychological milestone as the country’s National Economic Development Authority sees the gross domestic product growth at 10 percent which indicates the rumblings of a revival in the economy.

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