PSEI still ‘overly cautious’ despite Tuesday gains
The local stock barometer flirted with the 6,200 mark on Tuesday, tracking upbeat markets elsewhere in the region.
The Philippine Stock Exchange index (PSEi) added 31.82 points, or 0.52 percent, to close at 6,196.71 ahead of the latest MSCI index adjustments taking effect at the end of the week.
“The market managed to end slightly higher, mainly flat despite increased trading and volatility in several blue chips,” said Christopher Mangun, head of research at AAA Equities.
“The sentiment remains overly cautious as investors have not gained any optimism from the positive vaccine progress on the perception that the uncertainty risks vastly outweigh the developments. The market is expected to continue lower, and we highly encourage medium- to long-term investors to start accumulating,” he said.
The market was led by the financial, holding firm and property counters, which all rose by less than 1 percent.
The industrial, services and mining/oil counters all declined by less than 1 percent.
Article continues after this advertisementValue turnover for the day amounted to P6.02 billion. There was modest net foreign selling of P88.9 million.
Article continues after this advertisementAdvancers outnumbered decliners, 98 to 88, as 58 stocks remained unchanged.
Conglomerate Ayala Corp. and telco giant PLDT advanced by over 2 percent, while Ayala Land, Megaworld, BPI and JG Summit all firmed up by over 1 percent.
SM Investments, Jollibee and Globe Telecom all rose by less than 1 percent.
Notable gainers outside the PSEi included Dito, which added 6.44 percent.
On the other hand, Puregold fell by 5.71 percent, which Mangun said might have something to do with the MSCI adjustments.
