PSE SURGES THEN DROPS

The Philippine Stock Exchange (PSE) index soared beyond a new milestone level but profit-taking dampened the initial euphoria in a day with a marked rise in trading showing much interest in the market, though it declined by a smallish 3.38 points or 0.05 percent to 6,973.35 points.

Opening a bit low at 6,957.95, the index surged to 7,001.27 points but the profit-taking immediately set in though the index recovered with the property sub-index and financials posting respective gains of 0.58 percent and 2.54 percent.

SM Prime was unchanged at P38 with trades of P1.027 billion, of which P 715 million was foreign buying, to top the most active stock. It was followed by BDO Unibank with P809 million, which included P341 million in foreign buying, as it closed with a huge P5.20 gain to P117.90.

Jollibee Foods declined by P8.20 to P206.80, while PLDT was shaved by P27 to P1,281. Ayala Land rose by 55 centavos to P37.65 and it had a block sale worth P1.1 billion which, if computed in the foreign buying, would nudge the same to a positive P475 million.

Value turnover amounted to P10.711 billion with 111 gainers, 96 decliners, and 53 shares unchanged. The industrials sub-index was down by 1.28 percent, holding firms by 0.57 percent, mining and oil, by 1.97 percent, and services, 1.03 percent.

Bank of PI and Security Bank posted respective gains of P1.75 to P88 and 90 centavos to P123.70, while Converge advanced by 65 centavos to P22.65. Ayala energy was up again by 10 centavos to P8.44.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC