PSEi retests 8,000
PSE trading floor in BGC
The local stock barometer firmed up above the 8,000 mark in thin trading after a long holiday break on Monday, the first trading day of the second quarter.
While regional markets erased early gains amid the brewing US-China trade war, the Philippine Stock Exchange index (PSEi) added 59.62 points or 0.75 percent to close at 8,039.45.
Elsewhere in the region, trading was mostly firmer in the early session but most markets reversed gains at close. All eyes are still on exchange of tariffs slapped by the US and China against imports from each other.
Domestic investors mostly supported the market as foreign investors were net sellers to the tune of P625.3 million.
At the local market, the index was led higher by the holding firm and mining/oil counters, which both advanced by over 1 percent, while the industrial and property counters also gained.
Article continues after this advertisementThe financial and services counters both slipped.
Article continues after this advertisementTotal value turnover for the day was thin at P4.55 billion as many investors were still on holiday after the long Lenten break while others were on a wait-and-see mood as the PSE retests the 8,000 barrier.
There were 131 advancers that edged out 81 decliners while 36 stocks were unchanged.
Conglomerates SM Investments and JG Summit led the PSEi higher, both rising by over 3 percent. SM Prime, and Metro Pacific both added over 2 percent.
AEV added over 1 percent while Jollibee, BDO and Metrobank also contributed gains.
Outside of the PSEi, stock pundits rekindled the third telco play, resulting in a 12.33-percent gain for Now Corp., the day’s most actively traded company, while MRC Allied likewise surged by 6.9 percent.
Investors also picked up shares of LR and Megawide, which both added over 2 percent.
On the other hand, Ayala Corp. and ICTSI both fell by over 2 percent while GT Capital fell by 1.63 percent.
BPI slipped by 1.71 percent to close at P115 per share after announcing the P89.50-per share pricing of its stock rights offering. But intra-day losses were trimmed.
Ayala Land and URC also slipped.
