PSEi climbs for 3rd straight day as investors stick to blue chips
The stock barometer advanced for the third straight session on Thursday, returning to the 7,200 mark, on selective buying of large-cap companies.
The main-share Philippine Stock Exchange index (PSEi) added 19 points or 0.26 percent to close at 7,203.72, as investors picked up several blue chips with more companies disclosing third quarter earnings.
The local market also tracked upbeat trading in Wall Street and regional markets. The US Federal Reserve’s announcement it was unwinding monetary stimulus was already expected by global markets.
Meanwhile, newly listed AllDay Marts pulled back by 17.78 percent as some investors pocketed gains after the share price soared by 50 percent on its listing day on Wednesday. It was Thursday’s most actively traded company. About P3.1 billion worth of its shares exchanged hands at the stock market.
All counters, financial, industrial, holding firm, services, mining/oil and property, edged higher by less than 1 percent.
Value turnover amounted to P7.68 billion. Net foreign buying amounted to P371.98 million.
Article continues after this advertisementDespite the PSEi’s gains, market breadth was negative. There were 123 decliners that outnumbered 80 advancers, while 42 stocks were unchanged.
Article continues after this advertisementMilkshop deal
Investors bought up shares of Converge and Jollibee, which rose by 4.6 percent and 2.56 percent, respectively.
The fast-food giant announced a deal to buy 51 percent of Taiwanese bubble tea brand Milkshop. Compared to its previous acquisition, CBTL, this bubble tea business is already making money.
Ayala Land, JG Summit and AEV all added over 1 percent, while Globe Telecom, AC Energy, BPI and Metrobank all firmed up by less than 1 percent.
One notable gainer outside the PSEi was real estate investment trust pioneer AREIT, which advanced by 4.78 percent.
Monde Nissin, which debuted in June, also rose by 0.49 percent on relatively heavy volume.
On the other hand, SM Investments, SM Prime, URC, BDO, PLDT, Aboitiz Power and Bloomberry all shed less than 1 percent.
