PSEi up slightly on selective buying of large-cap stocks
The local stock barometer slightly gained on Tuesday on selective buying of large-cap stocks as concerns about China’s real estate sector continued to temper risk-taking across the globe.
The main-share Philippine Stock Exchange index (PSEi) added 23.3 points or 0.34 percent to close at 6,881.20 as regional markets mostly firmed up from the previous day’s downturn.
“Investors bought into Philippine equities, which were perceived to have less exposure to China Evergrande’s debt crisis that rocked Wall Street overnight,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The Dow Jones Industrial Index tumbled by 614.41 points or 1.78 percent on Monday amid concerns about debt-strapped Chinese property developer China Evergrande. Saddled with $305 billion worth of debt, the Chinese company is widely expected to default on its upcoming bond payments due later this week.
Locally, the stock market’s gains were led by holding firms, services and property counters.
The financial, industrial and mining/oil counters remained in the doldrums.
Article continues after this advertisementValue turnover amounted to P7.08 billion. Domestic hands kept the market afloat as foreign investors were net sellers amounting to P216.35 million.
Article continues after this advertisementFewer gainers
Despite the PSEi’s gain, market breadth was negative. There were 116 decliners that overwhelmed just 64 advancers, while shares of 51 companies were unchanged.
The main index was shored up by the gains posted by PLDT and AEV, which rose by 5.96 percent and 7.22 percent, respectively.
PLDT was the day’s most actively traded company.
LTG likewise racked up 5.04 percent, while PSEi newbie Converge and index heavyweight SM Prime added 1.6 percent and 1.23 percent, respectively.
Ayala Land and Ayala Corp. both firmed up by less than 1 percent.
In the meantime, Aboitiz Power fell by 4.04 percent, while Globe Telecom lost 2.42 percent.
BDO and SMC both declined by more than 1 percent, while ICTSI, URC and Jollibee all shed less than 1 percent.
