July 24, 2024

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PSEi tracks regional markets, gains 0.84%

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The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday, in step with bourses in the region and a rally in Wall Street overnight.

By the closing bell, the PSEi was up 0.84 percent, or 46.44 points, to 5,570.22 while the broader all-shares index rose 0.59 percent, or 19.54 points, to 3,348.66.

Manuel Lisbona, president of PNB Securities, said the index was still consolidation mode between the 5,400 and 5,600 range as investors remained undecided amid the coronavirus pandemic.

“There seems to be a resurgence in the number of new cases the past days, which if persisting, might force authorities to halt the transition to GCQ [general community quarantine] and further delay efforts to restart the economy,” Lisbona said.

“If optimism will prevail, we will see the bulls push the market above 5,600. If not, the market could remain range-bound for the immediate term,” he said.

Mixed sentiments were also seen across subsectors. Mining, oil and industrial were down while financials led gains with a 2.69-percent increase.

Trading volume was relatively subdued with 2.8 billion shares valued at P4.47 billion changing hands. There were 113 gainers versus 75 decliners while 39 companies closed unchanged.

Jollibee Foods Corp. was the most actively traded on Thursday as it dropped 4.84 percent to P116.10 per share.

It was followed by Ayala Land Inc., up 5.13 percent to P30.75; Security Bank Corp., up 7.75 percent to P84.15; SM Prime Holdings, down 1 percent to P29.50; and Puregold Price Club Inc., unchanged at P46.35 per share.


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