PSEi recovers as investors focus on earnings
The benchmark Philippine Stock Exchange Index (PSEi) rose on Tuesday as investors focused on corporate earnings and growth in remittances from overseas Filipinos. This came despite concerns movement restrictions in Metro Manila and major urban centers will be extended due to rising COVID-19 infections.
By the closing bell on Tuesday, the PSEi was up 0.73 percent, or 47.73 points, to 6,561 while the broader all-shares index rose 0.48 percent, or 19.31 points, to 4,072.
Investors considered positive news such as the 7-percent growth in overseas remittances to $2.9 billion for the month of June versus the same period last year. This came even as think tank Moody’s Analytics saw the Philippine economy lagging behind neighbors in the region due to prolonged COVID-19 lockdowns.
Among subsectors, only mining and oil ended in negative territory with a loss of 1.26 percent. Property and industrial gained the most with 1.26 percent and 0.97 percent, respectively.
A total of 1.2 billion shares valued at P6.76 billion changed hands on Tuesday while foreigners were net sellers to the tune of P534.4 million.
Data from the PSE also showed gainers and losers nearly matched at 97 to 98 while 50 companies closed unchanged.
Globe Telecom was the most actively traded on Tuesday as it gained 3.58 percent to P2,082 per share.
It was followed by AC Energy Corp., down 2.28 percent to P9.01; International Container Terminal Services, up 1.1 percent to P184; Ayala Land Inc., up 0.15 percent to P32.85; and BDO Unibank Inc., up 2.11 percent to P111.10 per share.
