PSE SURGES EVEN WITH FOREIGN SELLING
The Philippine Stock Exchange (PSE) today surged with all counters up, the first time it did in almost a month, even as the foreign selling continued, closing 87.67 points or 1.44 percent higher at 6,156.45 points in another slow trading amounting to P5.957 billion.
Gainers overwhelmed losers, 117 to 71 with 43 shares unchanged with the holding sub-sector exhibiting the highest gain of 2.27 percent followed by the services sector, up 1.26 percent, and then the mining and oil which rose by 1.15 percent. The financials was up 0.97 percent while the property and industrial respectively gained by 0.72 percent and 0.36 percent.
AREIT lost 15 centavos to close at P25.80 buckling under foreign selling of P206 million while its parent firm, Ayala Land went down by 25 centavos to P32.85 with foreign selling amounting to P76 million. Other losers, which had foreign selling also went down in value.
But BDO Unibank and Metrobank bucked the selling pressure from foreign investors posting gains at the close of trading. BDO gained P1.05 to close at P92.05 while Metrobank rose by 55 centavos to P36.10. BPI also went up by 55 centavos to P92.05. Foreign sales for BDO stood at P49 million while that of Metrobank was P35 million.
SM Investments led the most active stocks with P737.3 million in value turnover including a foreign buying of P463 million. Its share price went up by P30 to P910 while ICTSI, the second most active stock at P325 million, rose by P2.33 to P110.
The top 20 most active stocks accounted for 67 percent or P4.012 billion out of the value turnover of P5.957 billion as the local investors shun the market in the absence of a clear economic signal showing possible growth with the ravages done by the COVID-19 pandemic.
Market darling MerryMart rose by 18 centavos to close at P3.17 as it reported higher profits in its operatons. The other notable gainers include Ayala Corp which went up by P2 to P762; Robinson’s Retail up P2.70 to P64.70; Alliance Global, up 20 centavos to P6.45; and SM Prime, up 60 centavos to P32.00.
The absence of risk taking from local investors is being attributed to the start of the ghost month which is seen as not conducive to the opening of businesses or entry into investments by local Chinoys.