PSE POSTS HEFTY RISE
The Philippine Stock Exchange (PSE) today posted a hefty rise but with a puzzling low value turnover with the foreign investors still in sell-down mode.
PSE's index posted a big gain of 150.76 points or 2.61 percent higher to 5,935.85 points and appeared poised to rise above the psychological milestone of 6,000 points.
Market analysts were dumbfounded by the rise in the PSE index even with net foreign selling of P841 million on foreign selling of P2.175 billion against foreign buying of P1.3 billion.
Gainers overwhelmed losers two to one, 132-65 with 37 shares unchanged with value at a low P3.806 billion. All sectors were in positive territory with the property sub index posting the biggest rise of 4.06 percent.
That property surge was spearheaded by Ayala Land, the most active stock with value turnover of P606 million as it bucked foreign selling to post a huge 6.38 percent surge.
ALI, which has been , the object of steady selling pressure from foreign investors, closed at P30, up by P1.80 in volatile trade hitting a low of P28.10 before nosing up even with foreign selling of P35 million.
Market bellwether SM Investments went up by 5.67 percent or P45 to close at P894 as foreign selling was absent on the issue.
BDO Unibank also benefitted from the absence of foreign selling as it rose P2.35 to close at P90.15.
This week's trade is considered crucial as the surge is being watched if it persists for the next trading days.