Short selling hits snag on 1st day as PSEI smashes 6,000

MANILA  -Philippine stocks pushed higher on Monday as investors placed fresh bets ahead of the release of inflation data while investors digested more third quarter corporate earnings.

Trading activity also remained muted despite the official launch of short selling on Monday.

Several brokers told the Inquirer they have yet to offer short selling since their systems needed to be upgraded while the processing of various documentary requirements could take weeks.

The benchmark Philippine Stock Exchange index (PSEi) added 1.48 percent, or 88.76 points, to 6,078.03 while the broader All Shares index was up 0.89 percent, or 29.10 points, to 3,292.15.

A total of 323.74 million shares valued at P4.02 billion changed hands during the session while foreigners were net sellers of an amount worth P172.65 million.

Holding firms ( 2.21 percent) and property ( 1.72 percent) were the top performing sectors while industrial, the sole loser, slumped 0.03 percent. SM Investments Corp. was the most traded stock as it rose 3.54 percent to P833.50 per share.

It was followed by BDO Unibank Inc., up 1.56 percent to P130; Jollibee Foods Corp., down 0.67 percent to P207.60; SM Prime Holdings Inc., up 1.97 percent to P31; and Ayala Land Inc., up 2.74 percent to P28.10 per share.