PSEi up slightly in thin trade

The Philippine Stock Exchange Index (PSEi) edged higher Monday amid low trading volume, indicating that investors remained in a wait-and-see stance, analyst said.

The benchmark measure closed up 0.10 percent, or 6.34 points, at 6,627.36. The broader all-shares index, however, declined 0.07 percent to 4,029.44.

Sub-indices also closed mixed. Mining and oil, for instance, gained 2.32, the fastest Monday, while industrial and holding firms closed in the red, shedding 0.96 percent and 0.59 percent, respectively.

“Basically, the market is in consolidation and waiting for drivers,” said Astro del Castillo, managing director at First Grade Finance Inc.

Data from the PSE also showed that volumes remained thinner-than-usual, with less than a billion shares changing hands valued at P4.7 billion. There were 67 gainers against 74 decliners while 44 firms closed unchanged.

Del Castillo said volumes could improve as the second-quarter corporate earnings reporting seasons was about to begin.

“Hopefully corporate earnings will be positive as this will help prop up the environment,” he said.

Leading the roster of most actively traded stocks was SM Prime Holdings Inc., which gained 2.46 percent to P18.34.

This was followed by Manila Electric Co. (-0.72 percent to P275.60 ), Metropolitan Bank and Trust (+1.57 percent to 109.70), Philippine Long Distance Telephone Co. (+1.55 percent to P3,016) and Universal Robina Corp. (-2.27 percent to P124.80).

Other actively traded stocks were SM Investments Corp., Metro Pacific Investments Corp., Bloomberry Resorts Corp., Security Bank Corp. and Ayala Land Inc. Miguel R. Camus