PSE RACES TO HEFTY GAIN
The Philippine Stock Exchange (PSE) index raced to a hefty gain as the locals came back to the market in full force posting a 74.78 point increase or 1.27 percent to 5,942.66 points.
All sectoral indices were up.with the mining sector posting a significant gain of 3.38 percent as the locals bidded up share prices with the sell down now somehow muted.
Market bellwether SM Investments transacted P13.068 billion as it hit a high of P888, it's closing price that showed a p23 gain. Value turnover amounted to P19.56 billion that locals greeted with optimism.
Net foreign selling was still high at P1.2 billion on foreign buying of P1.672 billion and selling of P2.885 billion, but what was noticeable was that SM Investments was not in the list shares sold down.
This augured well for the market as even ABS shares ramped up to a high of P16.88 before closing at P15 for a P1.50 gain on transactions of P290.03 million. The run up in the ABS shares was due to its partnership with Zoe TV.
Dito lost 3 centavos but it was the second most active with P830.1 million in transactions that saw its share price closed at P5.74. Metro Pacific.gained 14 centavos to P4.04 while Ayala Land went up by 35 centavos to P30.05.
PLDT and Globe Telecom.gained P1 and P52, respectively, to close at P1,300 and P2,052. Ayala Corp was up P3 to P719. Market punters see higher trading in the coming days due to today's transaction upsurge.