PSE RALLIES TO POST GAIN
The Philippine Stock Exchange (PSE) today squeaked through a small gain of 4 points or up 0.08 % as a late buying spree pulled it out of a looming drop that characterized its trading performance.
Value turnover was at a dismal P5.173 billion as many investors opted to stay in the sidelines on the absence of a clear economic recovery sign and the upsurge in the Covid 19 transmissions. Only the rise in the property and industrial sectors accounted for the gain in the PSE index as many of the blue chips were in the doldrums much of the trading session.
Losers swamped gainers, 115 to 82 with 47 shares unchanged.Included in the losing stocks was ABS whose franchise application was thumbed down by the Congress committee. It closed 40 centavos lower to P14.78 after opening at 2 centavo higher than its Thursday close. Trade amounted to P32 million with its share price dipping to P14.54.
The PSE index dropped to as low as 6,098.53 points on selling pressure that included that of Ayala Land which lost 95 centavos; SM Investments down P5 and BDO Unibank, declining by P1.40. All three were the top traded stocks.