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PSEi closes up 1.6%, breaks 6,000 level

/ 04:06 AM June 03, 2020

The local stock barometer broke past the 6,000 mark on Tuesday as foreign funds continued to flow back to local equities now that Metro Manila has reopened for business after over two months of lockdown.

The main-share Philippine Stock Exchange index (PSEi) gained 95 points, or 1.6 percent, to close at 6,025.17, tracking upbeat global markets.

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“We’ve long flagged that any move for the PSEi to breakout past the Bollingers (volatility bands) would be the major move in the medium term so this breakout past 6,000 still coincides with technicals,”

local stock brokerage Papa Securities said.

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“The next major resistance would now be in the area of 6,575 where a gap was made last March 9,” the brokerage said.

The PSEi’s rally past 6,000 was anticipated given the strong overnight breakout of EPHE, an exchange-traded fund that tracks MSCI Philippines, Papa Securities said.

A break above 6,100 may shift bias toward a bullish stance, BDO Unibank chief strategist Jonathan Ravelas said. However, he said a near-term top may be forming.

All counters ended higher. The gains were led by the holding firm counter, which gained 2.35 percent, while the financial, industrial all added over 1 percent.

The services and mining/oil counters both gained less than 1 percent.

Value turnover for the day amounted to P7.29 billion. Net foreign buying improved to P1.13 billion.

There were 117 advancers that overwhelmed 61 decliners, while 43 stocks were unchanged.

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Security Bank racked up 8.54 percent, while Jollibee and JG Summit both surged by over 7 percent.

Aboitiz Power rose by 4.64 percent, while Metrobank and Megaworld both added over 3 percent.

SM Investments and Ayala Land both added over 2 percent, while Metro Pacific and ICTSI rose by over 1 percent.

SM Prime, Puregold and BPI all gained less than 1 percent.

One notable gainer outside the PSEi were DITO CME, which added 4.31 percent.

On the other hand, Globe Telecom declined by 2.32 percent while GT Capital, BDO and URC all lost over 1 percent.

Ayala Corp. and PLDT slipped by less than 1 percent. INQ

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