PSE RECOVERS LOST GROUND
The Philippine Stock Exchange (PSE) recovered lost ground today bucking a huge amount of net foreign selling as investors piled into blue chips looking at great investment opportunities.
Net foreign selling amounted to P1.81 billion, the first time it reached that amount, but with gainers overwhelming losers 135-81 and with 37 shares unchanged, the PSE index went up by 74.61 points or 1.19 percent to close at 6,324.00.
The recovery was swift and the PSE actually bucked negative sentiments in the early going dropping to a low of 6,202.90 points before market punters hit up the stocks.
Converge had net foreign selling of P55 million even as it snagged the most active stock for the day with P703.34 million as its share price declined by P2.51 to close at P14.78.
Investors picked declining stocks to nudge the value turnover to P7.289 billion. Save for the services sector which lost 0.24 percent, all other sectors posted gains with the mining and oil and property sectors up by 2.12 percent and 2.09 percent respectively.
Market bellwether SM Investments was unchanged at P950 while BDO Unibank lost 10 centavos to P88.90 and was the second most active stock with trade of P584.32 million.
Philex Petroleum bannered the mining and oil sub sector as it rose by a hefty 94 centavos to P12.10 while PLDT also dropped by P2 to P1,328. Jollibee Foods lost P2.50 to P170 while Metrobank declined by 95 centavos to P40.75