PSE UP SLIGHTLY

The Philippine Stock Exchange (PSE) today went up slightly but still below the 6,000 point milestone level as foreign investors were again net sellers although at a much lower clip than yesterday as the planned recovery of the economy is seen to be stalled with the surge in Covid 19 cases.

PSE’s index closed at 5,966.27 points , up by 39.16 points or 0.66 percent with foreign buying clocked at P1.86 billion and foreign selling at P1.949 billion for a net foreign selling of P86 million with the total value turnover at another dismal performance of P3.574 billion.

There were only 74 gainers to 103 losers with 47 shares unchanged with the BDO Unibank again being sold off by foreign investors. The other shares sold off were Robinson’s Retail, SM Prime, Ayala Corp., and PLDT and Security Bank. There was a block sale of P190 millio worth of SM Investments shares that was categorized as part of the foreign buying classification.

SM was unchanged at P900 with the top trade of P397 million followed by Jollibee Foods which registered a gain of P1.90 to close at P131 on total transactions of P393 million. There were only five shares that posted losses among the Top 20 active stocks which amounted for more than two thirds of the value traded at P2.409 billion.

Even with the foreign selling though, BDO posted a P1.55 gain to close at P90.50 while the other gainers were Puregold, Ayala Corp., market darling Merry Mart, Semirara Mining,  and Bloomberry while the losing stocks were PLDT, Dito , NickelAsia, SM Prime and Alliance Global. The top gainer was Euromed which rose by 22 centavos to P194.

Market punters said that the lack of economic fundamentals with the continued surge in infections which hit 83,673 today would continue to serve as a big challenge for the market to ease itself out of the impending doldrums.