PSE VALUE TURNOVER HITS P20.39 B
The Philippine Stock Exchange (PSE) posted a great finish today since the March lockdown with value turnover hitting P20.39 billion as investors ramped up on their holdings of selected blue chips in what analysts said was a window-dressing phenomenon.
PSE’s index posted a huge 4.82 % rise as it added 268.62 points to close the month-end with 5,838.84 points with gainers ahead of losers, 95 to 81 with 40 issues unchanged.
The top seven most active stocks had total transactions of more than P1 billion each, with Puregold Price Club trading P3.75 billion , followed by Security Bank with P1.97 billion, Ayala Land, P1.903 billion; BDO Unibank, P1.702 billion, Jollibee Foods, P1.504 billion, Globe Telecom, P1.36 billion, SM Investments P1.09 billion. The eighth most active stock was shade off a billion in turnover , Ayala Corp. with P999.8 million.
Diversified Securities, Inc ‘s Jose Ricardo Garcia said the surge was due to window-dressing even as a rebalancing of the Morgan Stanley composite index loomed large with Puregold being added now to the MSCI index which is followed closely by investors.
Garcia said that the investors appeared to be cheering the changeover in the lockdown rules with Metro Manila to be under general community quarantine by Monday indicating the baby step towards normalcy although the public transport will not yet be allowed to ply their routes save for the P2P buses.
He said that surge in optimism was also the reason for the sudden interest in the initial public offering of Merry Mart, a grocery chain of serial enterprise billionaire Injap Sia , whose Mang Inasal was bought by Jollibee and who later teamed up with Jollibee top honcho Tony Tan Caktiong for the Double Dragon Properties.
According to him, Merry Mart would be the second grocery chain that would be listed on the exchange after Puregold.