PSE index up on thin trade
The local stock barometer managed to slightly firm up on Tuesday but at an alarmingly low value turnout.
The Philippine Stock Exchange index (PSEi) added 12.24 points or 0.17 percent to close at 7,381.68 against the backdrop of mostly sluggish regional markets.
Value turnover was still thin at P3.58 billion, even lower than Monday’s P4.28 billion.
“If anything, we should take the declining 2018 value turnover lows as a sign of weaker trading to come. The lack of volume has been reflective of the hesitation felt all around,” local stock brokerage Papa Securities said in a research note.
Papa Securities said technical indicators were giving out the same signal, with the index correcting on Monday after being confronted with the 7,400 mark.
It added that the market remained in the “overbought” territory—seen as a sign that there could still be some profit-taking soon.
The PSEi was shored up by modest gains eked out by the industrial, services and property counters.
On the other hand, the financial, holding firm and mining/oil counters eased.
Market breadth was neutral, with 91 advancers versus 90 decliners while 55 stocks were unchanged.
The PSEi was led higher by infrastructure holding firm Metro Pacific, which added 2.03 percent, while GT Capital, Jollibee, URC, PLDT and Aboitiz Power all rose by over 1 percent.
Metrobank, Ayala Land, BDO and JG Summit likewise firmed up.
On the other hand, BPI and Ayala Corp. both lost over 1 percent, while Security Bank, SM Investments, AEV and AGI all slipped.
One notable decliner outside the PSEi was Megawide, which shed 4.41 percent.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.