PSE INDEX UP IN WEAK RALLY
The Philippine Stock Exchange (PSE) index rose to another milestone level but only after surviving a sell-down in mid-trade as investors continue to be tentative with the rise anew of COVID-19 transmissions closing 32.08 points or 0.47 percent down to P6,907.79.
Investors zoomed in on other blue chips with Globe and Converge getting attention as they ended up as the most active and the second most active, with the former rising by a hefty P21 to P1,841 on trades of P345 million, of which foreign buying hit P145 million. Converge, also with foreign buying of P58 million out of its trades of P272 million, posted a P1.30 gain to P21.45.
Value turnover remained subdued at P5.76 billion as investors remain skeptical of the government’s COVID-19 response, resulting in the withholding of more market buying as the second liners gained adherents on the back of robust rumors about the listed companies’ healthy outlook.
Still, gainers outpaced losers, 118 to 90 with 50 shares unchanged as net foreign selling again arose with P156 million on foreign buying of P1831 billion and foreign selling of P1.987 billion.
The locals, though, supported some blue chips like ICTSI, which rose by P1 to P151 even though it topped the shares with foreign selling at P95 million. Market bellwether SM Investments rose by P10 to P1,019 while property giant SM Prime finished with a loss of 45 centavos to P37.
The property index, however, posted a rise of 0.13 percent, while the financials were up 0.81 percent, industrials, 0.55 percent, holding firms, 0.60 percent, and services, 0.15 percent. Only the mining and oil sub-index posted a loss of 0.15 percent.
Among the second liners that rose was Boulevard Holdings, which was the fourth most active on trades of P242 million as it gained a huge 17.39 percent to close at P0.135, while Ever, another second liner within the Top 20 most active shares, dropped on profit-taking to close P0.035 to P0.385.
Jollibee declined also on profit-taking, down 40 centavos to P203.20, while Ayala Corp rose by P9.50 to P818. Market analysts said that the economic picture remained blurry with the lockdown that hit the country’s GDP in the first and second quarters.