PSEi manages to squeak out gain from sluggish trade
The local stock barometer gained on selective buying of large-cap stocks on Thursday but trading volume was thin against the backdrop of sluggish US and regional markets.
With the government’s announcement placing parts of the country, including Metro Manila, under a modified enhanced community quarantine, the Philippine Stock Exchange announced on Thursday it would still continue implementing the current shortened trading hours for the period, with the market opening at 9:30 p.m. and closing at 1 p.m.
On Thursday, the main-share Philippine Stock Exchange index (PSEi) added 28.45 points or 0.51 percent to close at 5,654.70.
The gains were led by the property counter, which rose by 3.25 percent due to the 7.18-percent rally by property giant SM Prime Holdings. The industrial, services and mining/oil counters also gained.
The financial and holding firm counters both slipped by less than 1 percent.
Value turnover was thin at P3.77 billion. Foreigners were net sellers of about P367 million.
“It may be because foreign markets were down. Foreigners could not sell because the [prices quoted by] buyers are quite far,” said Eagle Equities president Joseph Roxas. —DORIS DUMLAO-ABADILLA