PSE INDEX UP ON BARGAIN HUNTING

The Philippine Stock Exchange (PSE) index today rose on bargain-hunting rising by 63.15 points or 0.97 points with some of the battered blue chips in the last two weeks posting gains although the fear remained on the surge in coronavirus cases.

Net foreign buying amounted to P30 million on foreign buying of P2.677 billion against foreign selling of P2.646 billion with the blue chips that have seen share price declines getting the interest of investors who picked bargains as the four sub-sector indices posted rises while the mining and oil and industrials declined respectively by 0.50 percent and 0.29 percent.

The financials were up 1.36 percent, holding by 0.58 percent, property by 2.21 percent and services, by 0.35 percent.

Value turnover was up, with transactions reaching 7.266 billion but the sense of foreboding continued as the gainers were less than decliners, 97 to 116 with 44 shares unchanged.

The most active stock was DDMPR which lost another centavo to P2.23 on trades of P1.33 billion with foreign investors dumping P90 million worth of stock.

BDO Unibank was the second most active with P403 million in trades as it went up by a peso to P106 while Band of PI surged by 2.55 percent to close at P84.60, up by P3.10.

BDO and BPI had foreign buying of P51 million and P56 million, respectively. Food giant, Jollibee Foods bucked foreign selling of P42 million out of total trades of P299 million as it went up by 80 centavos to P175.70.

GMA 7 and its companion shares, GMAP were the biggest gainers today rising by 19.65 percent and 19.75 percent to P8.95 and P8.49, respectively on speculation that it will launch a new service.

ICTSI with foreign selling of P40 million out of its P220 million total transactions declined by 40 centavos to P124.10.

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