Trading still weak due to Korean tension

Local stocks bounced back after early losses to stay above the 8,000 level yesterday, albeit on weak trading volume.

Elsewhere in the region, stocks were mixed on ongoing concerns following North Korea’s nuclear weapons test.

The benchmark Philippine Stock Exchange index (PSEi), down almost 50 points earlier in the session, managed to close up 0.18 percent or 14 points, to 8,049.35.

The broader All-Shares index was also up 0.1 percent to 4,766.93.

Luis Gerado Limlingan, managing director at Regina Capital Development, said the higher close came despite “still lackluster developments with US stocks futures falling on Monday still due to the recent nuclear test of North Korea.”

“There was no trading on the major bourses on account of the Labor Holiday,” he added.

Volume was much lower yesterday, with 2.2 billion shares valued at around P5.8 billion changing hands yesterday. A total of 87 companies gained while 103 declined and another 55 companies closed unchanged.

The financial subsector turned out to be the only loser yesterday as it sank 0.32 percent. By contrast, the mining and oil as well as industrial subindices rose 0.68 percent and 0.56 percent, respectively.

Henry Sy’s BDO Unibank Inc. was the most actively traded yesterday. It closed unchanged at P128.50 a share.

The lender was followed by the Sy family’s SM Prime Holdings Inc., up 0.29 percent to P34; Megaworld Corp., up 2.02 percent to P5.06; Jollibee Foods Corp., up 2.52 percent to P244, and Ayala Land Inc., unchanged at P42.80 a share.