PSE INDEX UP MARGINALLY

The Philippine Stock Exchange (PSE) index gained marginally after a bout of sell-down in the early going but, thanks to local support, it closed 0.97 points higher or 0.02 percent to 6,245.71 points.

Bargain hunting led to a rise in the industrials of 1.23 percent that covered up for the small losses in four other sub-sectors and with the financials posting a gain of 0.04 percent, the market turned up for a gain.

The sub-sectors that posted losses were holding firms, down 0.09 percent, services, 0.20 percent, mining down 0.46 percent, and property, 0.57 percent.

Oversold stocks for the past days like Dito CME were snapped by foreign investors leading to their surge.

Dito was up by a hefty 28.80 percent to P9.84, up by P2.20 with trades of P946 million, of which foreign buying amounted to P20 million.

BDO Unibank posted a gain on local buying support that enabled the financial index to turn up a gain as the bank ended the day 20 higher to P102.70, even with foreign selling of P54 million out of its second top active trade of 252 million.

SM Prime was also supported by the locals that even with foreign selling of P81 million, it still gained 5 centavos to finish at P33.75 while Ayala Land, with foreign selling of P95 million, lost 65 centavos to P31.35 with trades of P220 million.

Net foreign selling amounted to P457 million on foreign buying of P1.396 billion and foreign selling of P1.832 billion with value turnover at a low P4.827 billion, There were 115 gainers, 82 losers, and 47 shares unchanged

Food giant Jollibee Foods, which was considered oversold, also gained with a 4.60 percent surge or P7.70 to P175 on trades of P141 million, of which foreign buying amounted to P44 million.

ICTSI also rose by 10 centavos to P140 with foreign buying of P33 million on trades of P146 million. PLDT was down by P12 to P1,275 while Converge posted a 20centavo gain to P19.50

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