PSE Index Up In Muted Trade
The Philippine Stock Exchange (PSE) index today posted a remarkable rise although the muted value turnover was not convincing enough for old-time market players who reckon a "dead cat's bounce" - a term that means that the rise was an uneventful one, as trading saw the index closed 100.41 points or 1.55 percent higher to 6,576.62 points.
Net foreign selling still continued amounting to P338 million on foreign buying of P1.084 billion and foreign selling of P1.423 billion and with value turnover at a low P3.691 billion, which is below average, although all sub-indices posted hefty rises with the financials up by 2.90 percent as bank stocks went up.
BDO Unibank led the bank gainers as it went up by 3.36 percent, or P3.50 to close at P107.60 although foreign selling amounted to P33 million. Metrobank also went up by 50 centavos to P44.60, while Bank of PI rose by P3.20 to P87.50m, Security Bank by P5.40 to P113.40, and PNB by 55 centavos to P20.80.
Ayala Energy was the day's most active stock as it went up by 22 centavos to P8.22 with trades of P250 million that also included a block sale of 3.1 million shares transacted at P8.0302 worth P24.89 million at 10.49 am.
Another block sale of GT Capital, involving 71,070 shares traded at 10.12 am that involved 71,070 shares with the transaction price of P556.06 valued at P39.51 million.
All sub-indices went up with the industrials higher by 1.18 percent, holding firms, 1.92 percent, services, 0.48 percent, mining and oil, 1.55 percent, and property, 0.69 percent. There were 136 gainers, 56 losers, and 52 shares unchanged.