The stock barometer climbed to the 6,700 mark on Thursday on selective buying of large-cap stocks as investors awaited the government’s decision whether or not the Metro would remain under the strictest form of quarantine.
The main-share Philippine Stock Exchange index (PSEi) added 38.33 points, or 0.57 percent, to close at 6,718.51, perked up by some P725.08 million in net foreign buying.
“Investors continued their focus on the Philippines for [the] fourth straight day as they digested the US Federal Reserve’s committee minutes [from July] that showed most officials [supporting the tapering of the pace of asset purchases]. In addition, analysts waded through the lower-than-expected housing [data in the United States],” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
He said investors were also awaiting the announcement of Metro Manila’s new quarantine classification. The Metro and nearby provinces have been placed under the enhanced community quarantine until today, Aug. 20.
Negative
By sector, the stock market was led on Thursday by holding firms, which rose by 1 percent, while the industrial, services and property counters all firmed up by less than 1 percent.
On the other hand, the mining/oil counter fell by 1.82 percent, while the financial counter slipped by 0.13 percent.
Value turnover for the day amounted to P5.28 billion.
Despite the PSEi’s gain, market breadth was negative. There were 95 decliners that outnumbered 88 advancers, while 46 stocks were unchanged.