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STOCK MARKET

PSEi posts gains for 3rd straight day

/ 04:06 AM September 16, 2020

Local stocks gained for the third straight session on Tuesday, tracking mostly buoyant regional markets.

The Philippine Stock Exchange index (PSEi) added 21.07 points or 0.35 percent to close at 6,018.21 on selective buying of large-cap stocks.

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Domestic investors kept the market afloat as net foreign selling for the day hit P791.21 million.

“It looks like the story remains [the same] for the PSEi as it tries to find its footing during its current consolidation period. Immediate and next catalyst down the road seems to be the [Financial Times Stock Exchange] rebalancing that would happen on Friday close of business—so we might see continued consolidation until then,” local stock brokerage Papa Securities said.

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Any major move that will result in the index moving past either the support level at 5,700 or resistance level at 6,167 will likely spell its direction in the medium term, the brokerage said.The PSEi was led higher by the financial, holding firm, mining/oil and property counters, which all gained less than 1 percent.On the other hand, the services counter declined by 1.49 percent, while the industrial counter slipped by 0.11 percent.

Value turnover for the day amounted to P5.55 billion.

Despite the PSEi’s gain, market breadth was negative. There were 113 decliners that outnumbered 78 advancers, while 51 stocks were unchanged.

Investors picked up shares of SM Investments, Ayala Land, Meralco and Metrobank, which all rose by over 2 percent.

First Gen added 1 percent, while BDO, Security Bank and Ayala Land all rose by less than 1 percent.

Notable gainers outside the PSEi included Century pacific, which added 1.12 percent in relatively heavy volume. On the other hand, investors dumped shares of PLDT, which fell by 3.44 percent. It was the day’s most actively traded counter.

SM Prime and ICTSI both lost over 1 percent, while URC and Jollibee slipped by less than 1 percent.

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One notable decliner outside the PSEi was AC Energy, which shed 6.46 percent. INQ

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