PSEi begins week flat— likely the theme for entire Oct.
The local stock barometer ended slightly higher on Monday, tracking the upswing across most markets in the region.
The main-share Philippine Stock Exchange index (PSEi) added 5.44 points or 0.09 percent to close at 5,937.05, mostly backed by domestic investors.
“The week looks set for another flattish start for the PSEi, and indeed looks to be the theme of October, as the market continues to fish for local catalysts while international markets remain heavily swayed by the upcoming November US elections,” local stock brokerage Papa Securities said.
The brokerage noted, however, that the PSEi had broken out of its recent downtrend resistance.
“While it still needs further confirmation, the index now looks biased to inch towards its recent 6,167 high,” Papa Securities said.
The PSEi was led higher by the mining/oil counter, which rose by 3.08 percent.
The financial, industrial, services and property counters all rose by less than 1 percent.
Only the holding firm counter slipped, albeit by a modest 0.62 percent.
Value turnover for the day amounted to P5.34 billion. Local investors kept the index afloat as foreign investors had a net selling position of P436.79 million.
There were 105 advancers that edged out 96 decliners, while 42 stocks were unchanged.
The PSEi was lifted by index heavyweight SM Prime Holdings, which surged by 3.09 percent.
Port operator ICTSI also contributed to the day’s gain with its 3.81-percent gain.
Utility operator Meralco added 2.7 percent, while Jollibee rose by 1.11 percent.
Metrobank, BPI and GT Capital all added less than 1 percent.
Notable gainers outside the PSEi included Harbor Star, which surged by 31 percent. The shipping service firm gained investor interest as it turned profitable in the second quarter due to its solar power plant investment. INQ
