June 24, 2024


World Business Inquiries

PSEi gains 1.24% in thin trading

2 min read

The local stock barometer firmed up for the second straight session on Wednesday, tracking mostly upbeat regio­nal markets as some territories started to lift restrictions rela­ted to COVID-19 lockdowns.

The main-share Philippine Stock Exchange index (PSEi) added 68.99 points or 1.24 percent to close at 5,643.97 in thin trading.

Based on technical reading, Papa Securities said the PSEi was trading below its current downtrend resistance. With moving average convergence-divergence poised for a bearish crossover, the local brokerage house said the PSEi might still retest the 5,000 area in the near-term.

“On the other hand, any breakout from this downtrend resistance still puts the 6,000 level as a firm resistance level which would likely hold,” the brokerage said.

All counters ended higher, led by the property counter, which advanced by 2.94 percent.

The mining/oil counter some by 1.24 percent, while the financial, industrial, holding firm and services counters all added less than 1 percent.

Value turnover was thin at P4.54 billion. There was net foreign selling amounting to P726.05 million for the day.

There were 110 advancers that edged out 78 decliners, while 49 stocks were unchanged.

PLDT, the day’s most active traded company, advanced by 5.31 percent.

Jollibee and SM Prime also boosted the PSEi, both having risen by over 4 percent.

RRHI added 3.93 percent, while Ayala land added 2.48 percent.

SM Investments gained 1.47 percent, while BPI, Metrobank and Metro Pacific all rose by less than 1 percent.

Outside the PSEi, notable gainers included third telecom player, Dito, which added 7.39 percent. Aviation services provider, MacroAsia, also rose by 1.99 percent, in relatively heavy volume.

On the other hand, ICTSI pulled back by 2.05 percent, while Puregold lost 1.28 percent.

Shares of BDO and URC also dipped.

Notable decliners outside the PSEi were AllHome and Metro Alliance, which fell by 2.23 percent and 5.63 percent, respectively, in relatively heavy volume. —DORIS DUMLAO-ABADILLA

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