PSEi extends winning streak, gains 1.05% | Inquirer Business

PSEi extends winning streak, gains 1.05%

/ 05:14 AM October 23, 2020

The local stock barometer surged to the 6,300 level on Thursday as investors welcomed the further reopening of the economy after months of COVID-19-induced lockdown protocols.

Extending its winning streak for the fourth straight session, the main-share Philippine Stock Exchange index (PSEi) racked up 66.04 points or 1.05 percent to close at 6,344.63, its best finish in nearly four months.

Foreign investors were net buyers for the second straight session, although net inflows were modest at P214.2 million.

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“Suffice it to say that the index has already broken out of its downtrend with the movements the past few days,” Papa Securities said.

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Technicals point out that the index has just broken out of its 200-day moving average on Wednesday, the brokerage said. However, it noted that relative strength index was already overbought so it would be best if the PSEi would consolidate in the meantime.

“Dips would be a chance to enter for a potential move back to the recent June high of 6,583,” it said.

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Papa Securities chief strategist Manny Cruz said the PSEi’s breakout from 6,000 suggested a short-term bull run, but not necessarily a complete reversal.

“Pandemic creates tons of uncertainties and only a vaccine with higher effectivity can clearly reverse the course,” he said.

The PSEi was led higher by the property counter, which advanced by 2.73 percent, while the industrial counter added 1.5 percent.

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

On the other hand, the financial and services counters both shed less than 1 percent.

Value turnover for the day amounted to P9.81 billion.

Despite the PSEi’s gain, there were more decliners (112) than advancers (100), while 43 stocks were unchanged.

The PSEi was led higher by tycoon Lucio Tan-led conglomerate LTG, which surged by 6.98 percent.

Property giants Ayala Land and SM Prime both gained over 3 percent, alongside utility operator Meralco.

SM Investments and Universal Robina both advanced by over 2 percent.

Notable gainers outside the PSEi included Nickel Asia and Dito, which rose by 5.38 percent and 2.1 percent, respectively.

On the other hand, BPI fell by 3.69 percent after announcing a 34-percent year-on-year drop in third quarter net profit due to larger loan loss provisioning.

Security Bank all lost 2.5 percent, while PLDT and GT Capital both declined by over 1 percent.

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Metrobank, Puregold and ICTSI all slipped by less than 1 percent. —DORIS DUMLAO-ABADILLA

TAGS: Local Stock, Philippine Stock Exchange index (PSEi)

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