(Last Updated On: October 8, 2021)
PSE market ended the week in red as it closed down yet again for another round of profit taking at the pre-close period. Converge ICT continues its drag and lose again another -10.4% as it has finally open up its lock up for investors after 180 days. Investors under lock up can then trade their shares on October 11, 2021, thus causing some fear in the investing public for any future flooding of shares in the market.
The index closed at 6,906.86with a net foreign buying of 1.4 Billion a reversal in foreign investment for the past few days.
For the Blue Chip index, FGEN (5.07%) recovered after the last 2 days sell of as foreign investors or fund managers re-align their portfolios for the upcoming entry of WLCON next Monday. Converge still is reeling from the impact of the release of its investors share lock up period. Globe (-4.69%) also closed paring its previous gains.
For the sector, Finance and mining sector led the group. Finance stocks starts to show strength amid the bullish market sentiment during the early hours of trading.