PSE NEARS PSYCHOLOGICAL MILESTONE
The Philippine Stock Exchange (PSE) today rose just five points shy of the psychological 6,000-point that has eluded it with the net foreign selling still present as bargain hunters pushed the index on selective buying of blue chip stocks that have suffered sell-downs the past seven trading days.
Net foreign selling amounted to P167 million as the country gears up to confront the economic decline arising from the failure to contain the coronavirus transmissions plus the negative effects of a hard lockdown that resulted in a huge contraction of the GDP in 30 years.
PSE’s index went up by 41.06 points or 0.69 percent to hit 5,995 points with the market opening low at 5,980.49 points and dropping further by 32 points before nosing up on selective buying from bargain hunters that benefitted the blue chips that have been the targets of foreign selling.
Value turnover amounted to P17.076 billion, of which P13.32 billion was transacted involving market bellwether SM Investments to top the most active stocks. SM rose by P12 to close at P870, while second top active stock, its sister firm SM Prime, lost 25 centavos to close at P30 with P274 million trade.
There were 85 gainers against 102 losers and 47 shares unchanged in a market that saw the financials recovering lost ground. Also up were the industrial and holding subsectors that thumped the hefty loss in the mining and oil sector with a 2.63 percent loss. The services and property sectors had minimal 0.01 and 0.25 percent losses.
Bank of PI and BDO Unibank, which had been showing losses on continued foreign selling were able to buck the trend as the locals came to the rescue to see their shares up by similar P1.50 gains to close at P62.50 for BPI and P90.00 for BDO. BPI and BDO had net foreign selling of P55 million and P39 million.
Market darling Merry Mart went down by 16 centavos to close at P2.87 while another losing stock was that of Ayala Corp and Jollibee Foods which respectively declined by P9.00 and 90 centavos to close at P739 and P140.20.
Trading tomorrow is expected to be much watched as the PSE index‘s five-point shy performance in the market today gives market watchers the expectation of whether the market will rise above the 6,000-point level.