PH shares start 2021 on a positive note; index rises closer to 7,200
The local stock barometer edged higher on the first day of trading this new year, tracking mostly upbeat regional markets.
The main-share Philippine Stock Exchange index (PSEi) added 57.79 points or 0.81 percent to close at 7,197.50 as markets reopened after a long holiday break on Monday.
“The PSEi started the year on a positive note, ending the day just a few points away from its 7,200 support level as investors remain cautiously optimistic,” said Christopher Mangun, head of research at local stock brokerage AAA Equities.
“Selling pressure subsided compared to what we saw in the previous weeks after current lockdown restrictions were extended instead of tightened which some were expecting. Trading on blue chips was uneventful with property issues carrying the main index higher. Trading volumes remain above the daily average due to the heavy volatility in second-liners,” he added.
The market was led higher by the mining/oil counter, which rose by 3.85 percent, while the property counter advanced by 2.02 percent.
The services counter added 1.33 percent, while the industrial and holding firms both firmed up by less than 1 percent.
Article continues after this advertisementOn the other hand, the financial counter slipped by 0.53 percent.
Article continues after this advertisementValue turnover for the day amounted to P10 billion. Foreigners were net sellers amounting to P214.08 million.
There were 124 advancers that outnumbered 121 decliners, while 36 stocks were unchanged.
The index was led higher by Ayala Land and Megaworld, which both rose by over 2 percent. SM Prime, PLDT and GT Capital all rose by close to 2 percent.
SM Investments, BPI and Ayala Corp. all gained more than 1 percent, while RLC added less than 1 percent.
Investors also looked at corporate issues outside the main index.
The day’s most actively traded stocks were Dito CME, MerryMart and AC Energy, which surged by 19.45 percent, 29.29 percent and 13.33 percent, respectively.
On the other hand, Metrobank fell by 2.24 percent, while BDO lost 1.69 percent. —Doris Dumlao-Abadilla INQ
