PH stocks tiptoe as world absorbs Evergrande shock

The benchmark Philippine Stock Exchange Index (PSEi) closed marginally higher on Wednesday after a quiet trading session that saw investors focused on embattled developer China Evergrande Group and other developments overseas.

The PSEi added 0.14 percent, or 9.53 points, to 6.890.73 while the broader all-shares index rose 0.51 percent, or 21.58 points, to 4,286.57.

The gains came as worries over a possible default by Evergrande, China’s No. 2 property developer, eased after the company said it would make some interest payments on Thursday.

Investors were also taking a cautious stance ahead of the Federal Open Market Committee interest rate meeting on Wednesday.

BDO Unibank Inc. chief strategist Jonathan Ravelas also noted the PSEi continued to consolidate within the 6,700 to 7,000 range. He pegged the immediate support level at 6,700, followed by 6,500.

The session saw property stocks, financials and holding firms pulling back while services and mining and oil jumped 2.94 percent and 2.24 percent, respectively. Industrial stocks also gained 0.94 percent.

There was also moderate trading volume of 705.34 million shares valued at P6.5 billion. Foreign trading was robust, ending with a net gain of P33.17 million.

A total of 128 companies ended positive versus 82 losers and 37 closing unchanged, data from the PSE showed.

PLDT Inc. was the most actively traded on Wednesday as it rose 5.31 percent to P1,685 per share.

It was followed by Globe Telecom, up 6.83 percent to P3,098; Converge ICT Solutions, down 0.14 percent to P34.95; LT Group Inc., up 2 percent to P10.20; and Ayala Corp., up 0.06 percent to P801.50 per share.

Other actively traded companies were SM Prime Holdings Inc., down 1.52 percent to P32.50; Universal Robina Corp., up 0.15 percent to P133.20; BDO Unibank Inc., unchanged at P110.50; and Monde Nissin Corp., up 2.53 percent to P19.42 per share.