PSEi gains but trading thin due to trading disruption

Screengrab from https://www.pse.com.ph/stockMarket/home.html

MANILA, Philippines–LOCAL stocks rose in thin trade on Monday amid a technical glitch and holiday breaks in several regional markets.

The main-share Philippine Stock Exchange index added 23.49 points or 0.35 percent to close at 6,766.46.

Trading was thin at P4.8 billion partly due to a trading disruption of about an hour from around 11 a.m.  Despite the disruption caused by technical glitch, the PSE did not extend trading hours.

There were 89 advancers versus 81 decliners at the local market.

Dealers said foreign investors were heavily buying local equities – generally buying into the Philippines’ positive story – even as valuations were now trading at a premium to historical levels.

The PSEi gainers were SMIC (+3.23 percent), ALI (+1.99 percent) and MPI (+1.39 percent) while GTCAP, PLDT, URC, SM Prime, BPI, EDC, Jollibee, JG Summit and AC also contributed gains.

On the other hand, AGI (-1.77 percent) and beverage unit Emperador (-3.7 percent) faltered on news of a potential acquisition of a whisky production unit of Diageo.

BDO, AEV, Megaworld, Metrobank and ICTSI likewise ended lower.