PSE INDEX UP ON BARGAIN-HUNTING

The Philippine Stock Exchange (PSE) index today shook off a 19-point deficit in mid-session with the bargain hunters coming in strong to tow it to 6,497.01, up 50,66 points or 0.79 points after the much-touted IPO listing of DD REIT did not take off as earlier projected.

DDMPR did not fly and closed unchanged though it emerged as the most active stock with a value turnover of P1.481 billion. The issue opened a shade above its P2.25 IPO price and actually went down by a centavo before it rose to a high of P2.40 and closed at its offering price.

Net foreign buying amounted to P371 million on foreign buying of P3.122 billion and foreign selling of P2.758 billion with Bank of PI getting the biggest buying of P60 million out of its total trade of P140 as it gained P1.40 to P84.80.

There was a block sale of DDMPR of P956 million that when computed in the foreign investors’ trades would actually result in net foreign selling of P585 million.

Value turnover amounted to a hefty P21.320 million with 90 gainers, 98 losers and 64 shares unchanged with the mining and oil sub-sector posting the lone loss of 0.10 percent.

All the other sub-indices were up: financials by 0.75 percent, industrial, 1.23 percent, holding firms, 0.08 percent, services, 1.82 percent, and property, 1.12 percent.

Market bellwether SM Investments’ trading performance mirrored the market’s sentiments today as it opened at P951.50, went to a low of P1.50, then closed at P970, up by P7 or 0.73 percent.

Metrobank rose by 30 centavos to P46.50 while BDO Unibank was unchanged at P105. Jollibee Foods posted a loss of P4.10 to P176.90, while Dito CME declined by 4 centavos to P9.80.

PLDT went up by P24 to P1,250, while Converge and Globe Telecom respectively went down by P2 to P1, 910 and P2 to P1,910.

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