PSE Index Up

The Philippine Stock Exchange (PSE) index topped a new milestone level buoyed by a hopeful take on the country's growth prospects from a Japan rating agency to close at 6,912.71 points, up by 35.61 points or 0.52 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 7, 2021

With the unnerving rise in the COVID-19 cases consisting mostly of the highly transmissible Delta variant, investors continued to be picky and were seen cashing in their gains whenever their positions rise in value.

For instance, Dito CME, which disclosed that it passed the tech tests of the National Telecommunications Commission, soared to a high P9.05 before closing at P8.79, up by 17 centavos. But not after hitting a low of P8.70.

The Dito phenomenon is what is now resonating in the market as blue chips that rise, like in instances of good news, get sold due to the market dictum, "buy on rumor, sell on news."

Monde was the most active stock with trades of P650 million as it closed 96 centavos higher to P17.68, followed by AC Energy which rose a centavo to P9.99.

Value turnover was muted at P5.39 billion with 119 gainers, 76 losers, and 41 shares unchanged. The sub-indices appeared mixed with three up and three others down.

Those that closed higher were holding firms, up by 0.99 percent, services, by 1.03 percent, and property by 0.32 percent while the losers were financials, down by 0.63 percent, industrials by 0.14 percent, and mining and oil by 0.35 percent.

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