PSE UP A BIT EVEN WITH SM SELL-DOWN
The Philippine Stock Exchange (PSE) gained a bit today in a trading performance that saw the sale of a block of shares of SM Investments valued at P1.4 billion as the news of the huge drop in the country’s gross domestic product GDP) is yet to resonate in the stock market.
PSE was up by 69 points or 1.18 percent to 5,902.58 points, its highest level for the day, bucking an earlier trend that saw the indicator drop by almost 100 points before it nosed up as bargain hunters picked up battered stocks.
SM Investments had board sales of P1.699 billion to top the actively traded stocks , most of which were in positive territory. The issue gained P8 to close at P878 million and while there was a net foreign buying of P551 million in today’s trade, the inclusion of the block sale of P1.4 million would have meant a net foreign selling of P849 million.
This is because block sales, which are pre-cleared with the Philippine Stock Exchange officials, are not considered part of the board trading in the stock market. Block sales are executed by a stock broker who does the buying and selling of the issue.
There were 88 gainers and 90 declines with 46 issues unchanged in today’s trading that saw a value turnover of P6.53 billion as rumors fly in the market of the selling of family owned shares in certain blue chip stocks.
All subsectors were up except for the mining and oil counter which registered a big 1.96 percent decline as NickelAsia lost ten centavos to close at P2.68. BDO Unibank and Bank of PI closed unchanged respectively at P91 and P65.50 while Alliance Global lost seen centavos to P32.80 and Robinson’s Land went down by 72 centavos to P13.50.
Globe Telecom was up by P12 to P2,118 while PLDT gained P17 to P1,370 while market darling Merry Mart posted a loss of three centavos to P2.73 .
Other notable stocks in the top active shares were Metrobank which was up by 40 centavos, Jollibee Foods, also up by P4 to P135, PUregold up P2 to P50 , ICTSI, up 50 centavos to P97.50 and Ayala Land, up 30 centavos to P32.80.