PSE RISES FURTHER
The Philippine Stock Exchange (PSE) rose further today going back to its above 6,000-point milestone injecting optimism in the market sentiment even with the continued net foreign selling that has affected the industry.
PSE's index rose 98.18 points to 6,034.03 points or up 1.65 percent but it opened lower and skid to a low of 5,908.47 points before recovering its bearing following the continued sell-down in blue chips by foreign investors.
Trading was again muted with just P4.574 billion worth of transactions with gainers again ahead of losers 112to 84 with 46 shares unchanged. Net foreign selling amounted to P647 million on foreign buying of P1.396 billion and foreign selling of P2.044 billion.
Save for the mining and oil stocks, all the counters posted gains with the industrials and financials forging ahead at gains of 2.13 percent and 2.10 percent respectively.
BDO Unibank was up by a hefty P3.35 to P93.50 powered by foreign buying of P23 million while Metrobank and Security Bank similarly rose by P75 centavos to P35.50 and by P1.60 to P95.60 respectively. BPI bucked foreign selling of P42 million rising by 60 centavos to P66.40.
Market bellwether SM Investments, which foreign buying of P22 million, mirrored the performance of the PSE index today as it opened lower hitting its lowest level of P871 before recovering to close P14 higher to P908. while market darling Merry Mart opened 2 centavos higher but closed down to P2.93, which is 6 centavos down from its previous close.
Telco stocks Globe Telecom PLDT and Dito posted gains. Globe, which had foreign buying of P24 million , went up by P32 to P2,120 while PLDT rose by P10 to P1,450. Dito gained 3 centavos to P3.28.