PSE UP A BIT
The Philippine Stock Exchange (PSE) was up slightly a bit as profit-taking took a toll on the index, losing more than 70 points in gain before the shortened stock market trading ended, and closed at 7,178.62 points, up by 8.83 points or 0.12 percent with a hefty value turnover of P9.351 billion.
Bullish sentiments continued in the market that was punctuated though by investors who locked in their gains including foreign invest funds which sold P350 million than they bought. Foreign buying amounted to P3.826 billion while foreign selling hit P4.177 billion in trading that saw 147 gainers, 77 losers and 45 issues unchanged.
The financials accounted for the biggest rise among the sub sectors as the banks posted significant gains to push the sector up by 3.33 percent. BDO Unibank, which was the most active with P1.376 billion in trades, went up by P2.80 to P107.50 while Metrobank rose by P2.05 to P49.55; Bank of PI by P2.35 to P88.45 and Security Bank by P8.90 to P120.40.
Market bellwether SM Investments was up P8 to P1,058 while market darling MerryMart pushed ahead by another 7 centavos to close at P5.53. Converge, telco player, rose by 4 centavos to close at P16.66 but it went up to a high of P16.98, 18 centavos higher than its IPO price.
Telcos PLDT and Globe Telecom went up respectively by P6 to P1,383 and by P38 to P2,046 while Now, another connectivity player, lost 4 centavos to P4.52. Dito CME, deemed the third telco player, lost 8 centavos to close at P6.32 although it hit a high of P6.47.
Megaworld was the second most active stock with trades of P852.5 million with its shares up by 5 centavos to P4 while Ayala Land declined by 15 centavos to P39.85 resulting in the drop in the property sector by 1.74 percent. Ayala’s Acen went up by 8.97 percent to close at P6.32, up by 52 centavos.
Market punters see the bullish sentiment continuing this week as the financials showed its resilience even with the financial damage wrought by the COVID-19 pandemic.