Stock index up slightly in mixed trading
The local stock barometer ended slightly higher on Wednesday in line with regional markets, which were mostly upbeat ahead of the resumption of closely watched US-China trade talks.
The main-share Philippine Stock Exchange index (PSEi) firmed up by 15.85 points, or 0.2 percent, to close at 7,895.06, rising for the second straight session.
The day’s most actively traded company was Cemex, which is not part of the PSEi. It slid by 15.04 percent following a disclosure on a fresh capital call of up to $250 million.
Cemex disclosed on Wednesday an approval by its board to amend its by-laws to have the ability to raise equity capital including, but not limited to, a rights offering. Proceeds will be used to “improve its capital structure, fully fund the ongoing Solid Cement plant expansion and provide balance sheet flexibility.”
On the overall market, trading sentiment was mixed across various counters. The financial, holding firm and services counters all gained ground while the industrial, mining/oil and property counters slipped.
“[It] looks like we’re set for more consolidation in the coming days with US indices falling flat, and a lack off catalysts in the local scene—that is until March’s [Philippine] inflation release on Friday, April 5 at 9 am,” local stockbrokerage Papa Securities said in a research note.
Initial support for the PSEi remains at 7,700 while resistance is at the 50-day moving average of 7,900, Papa Securities said.
Value turnover stood at P6.45 billion.
There were 100 advancers against 99 decliners while 45 stocks were unchanged.
The PSEi was shored up by integrated gaming resort operator Bloomberry, which surged by 4.63 percent. Security Bank, GT Capital and RLC also contributed to the PSEi’s gain as all of them rose by more than 1 percent.
BDO, SM Investments, URC, Jollibee, PLDT and LTG also firmed up.
Outside of the PSEi, notable gainers included Phinma Energy, which added 6.8 percent.
On the other hand, Meralco fell by 1.57 percent, while Ayala Land, SM Prime, Metro Pacific, Ayala, ICTSI and RRHI all slipped.
