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PSE Index Up On Bargain Hunting
- By The Financial District
- Jul 14, 2021
- 2 min read
The Philippine Stock Exchange (PSE) today recovered on bargain hunting but the uncertainty remained with the net foreign selling still in play and the losers still ahead of gainers to close at 6,835.41 points, up by 40.28 points or 0.59 percent.
Opening a bit higher than its Tuesday close, the market later succumbed to some more selling pressure before bargain hunting came in mid-trade, even as net foreign selling was still at three-digit levels at P170 million, and with gainers way below the losers, at 70 to 117 with 58 shares unchanged.
Value turnover was a low P4.37 billion with foreign buying of P1.689 billion and foreign selling of P1.859 billion with market bellwether SM Investments rising by P20 to P1,010 on foreign buying of P38 million out of its trades of P106 million.
DM Consunji Inc. saw its shares shaved by a centavo to P6.39, even with foreign buying of P45 million out of its trades of P133 million.
Converge gained 30 centavos to P23.90 but PLDT declined by P24 to P1,266 with foreign selling of P101 million out of P134 million in trades.
The property sub-sector though declined even with most active stock Ayala Land, which had value turnover of P304 million, going up by 30 centavos to P35.95 as the other property shares went down such as SM Prime, lost 40 centavos to P35.05, Suntrust, down 5 centavos to P1.60, Cebu Landmasters, down by 17 centavos to P3.24, and Megaworld down 3 centavos to P3.02 as foreigners sold down P29 million worth of shares out of the total trade of P104 million.
The property sub-index lost 0.49 percent while the services sub-sector lost 0.43 percent. The gainers were financials, 0.28 percent, industrials, 0.29 percent, holdings firms, 1.13 percent, and mining and oil, up by 0.91 percent.
Among the notable gainers were ICTSI, up by P2 to P167.50, Jollibee Foods, up by 80 centavos to P209.60, GT Capital, up by P7 to P607, and BDO Unibank, up by 80 centavos to P111.50.
The continued uncertainty over the country's COVID-19 response has been hobbling the financial sector even as the country battles the perception of the government's inclusion in the list of countries with anti-money laundering issues, as well as the huge debt that the country has incurred for its pandemic program.
