PSEi up as investors make beeline for bargains
The local stock barometer gained on Monday as investors picked up stocks that had been battered in the last six days.
The main-share Philippine Stock Exchange index (PSEi) added 25.67 points or 0.36 percent to close at 7,071.50.
“Investors resorted to bargain-hunting as they weighed the outlook for [US] President [Joe] Biden’s nearly $2-trillion stimulus bill and grew concerned amid reports that the new coronavirus variant may be deadlier,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
In the Philippines, investors were awaiting the latest report on the trade balance data (Jan. 27), followed by the fourth quarter gross domestic product report (Jan. 28), Limlingan said.
The market was led higher by the financial and property counters, which both rose by over 1 percent. The services counter added 0.31 percent.
On the other hand, the mining/oil counter slipped by 1.17 percent, while the industrial and holding firms both lost less than 1 percent.
Value turnover for the day amounted to P9.11 billion. Domestic hands supported the market while foreign investors remained net sellers to the tune of P311.43 million.
There were 129 decliners that outnumbered 92 advancers, while 39 stocks were unchanged.
Investors picked up shares of Metrobank, which rose by 3.43 percent, while PLDT added 2.52 percent.
Ayala Land and SM Prime both rose by over 1 percent, while BDO and SM Investments rose by less than 1 percent.
Investors continued to turn to companies outside the PSEi for trading opportunities.
Electronics manufacturer IMI surged by 21.41 percent, while PH Resorts rallied by 11.15 percent.
Abra Mining, MerryMart and Cirtek all rose by over 5 percent.
On the other hand, GT Capital fell by 2.88 percent, while Jollibee shed 0.54 percent.
Notable decliners outside the PSE included companies that had sizzled in previous days.
Apollo Global, the day’s most actively traded company, pulled back by 12.5 percent, while Basic Energy tumbled by 17.97 percent. —DORIS DUMLAO-ABADILLA INQ
