Buying of large-cap stocks lifts PSEi back above 6,500
The local stock barometer climbed back to the 6,500 mark on Tuesday as domestic investors picked up some large cap stocks.
The Philippine Stock Exchange index (PSEi) added 40.66 points, or 0.63 percent, to close at 6,500.42.
“The PSEi bounced back and ended with minor gains on P5.12 billion (value) traded, which was slightly higher than we have been seeing but still below the general average. Minor gains in large-cap issues as well as the substantial 5.34-percent gain in URC offset significant losses in a couple of issues and ultimately carried the whole index higher,” said Christopher Mangun, head of research at AAA Equities.
“The market is in equilibrium as buyers and sellers have balanced each other out. Optimism on the economy’s recovery and inoculation progress was canceled out by soaring new COVID-19 cases and tighter restrictions. The market’s movement is similar to what we saw back in September to October of last year, right before it took off,” Mangun added.
All counters ended higher, led by the mining/oil and industrial counters, which rose by 2.18 percent and 1.65 percent, respectively.
Mangun noted that several mining issues had advanced as investors speculated on potential developments while taking advantage of the broader market’s advance.
The rest of the indices added less than 1 percent.
Value turnover for the day amounted to P5.5 billion. Foreigners remained net sellers to the tune of P486.96 million.
There were 106 advancers that edged out 84 decliners, while 56 stocks were unchanged.
Aside from URC, Puregold added 3.17 percent. SM Prime also rose by 2.11 percent, while BDO gained 1.24 percent.
SM Investments, Jollibee, ICTSI, Globe, Ayala Corp., Megawold, Metrobank and JG Summit all added less than 1 percent.
Notable gainers outside the PSEi included Century Pacific Food, which rose by 3.75 percent, while Converge gained 1.06 percent.
Meanwhile, RRHI tumbled by 3.79 percent, while Ayala Land- the day’s most actively traded company – fell by 1.2 percent.
PLDT slipped by 0.32 percent.
Outside the PSEi, new telco player Dito shed 2.05 percent.
