PSEi revamp stirs sluggish bourse | Inquirer Business
Close  
STOCK MARKET

PSEi revamp stirs sluggish bourse

05:12 AM August 07, 2021

The latest rebalancing of the 30-member Philippine Stock Exchange index (PSEi) dominated stock market trades on Friday as investors scrambled to align their portfolios to the closely tracked basket of local blue chips.

Investors racked up shares of AC Energy and Converge ahead of their debut into the PSEi on Aug. 16, while selling down DMCI and Emperador, the two companies that will exit the main index.

ADVERTISEMENT

Dragged by the downturn of DMCI and Emperador, the local stock barometer lost 7.36 points or 0.11 percent to close on Friday at 6,539.91.

For the week, the PSEi gained a total of 269.68 points or 4.3 percent as investors had been picking up oversold stocks through most days of the week. For now, the market had turned numb to Metro Manila’s return to enhanced community quarantine, which took effect on Friday.

FEATURED STORIES

DMCI fell by 6.07 percent, while Emperador lost 8.85 percent on Friday as investors shifted funds to the upcoming PSEi members.

Renewable energy firm AC Energy (ACEN), the most actively traded company, gained 4.69 percent. Fast-growing fiber internet provider Converge, the second most actively traded company, rallied by 11.51 percent.

With Friday’s run-up, ACEN and Converge ended the week with a respective market capitalization of P334 billion and P179.9 billion.

“Philippine shares juggled for most of the trading session as fund managers began positioning ahead of the [PSEi] rebalancing which would take effect by the end of next week,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

By counter, the industrial, holding firm, mining/oil and property counters all slipped on Friday.

—Doris Dumlao-Abadilla

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.