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PSEi squeaks out gain after roller coaster week

/ 05:04 AM July 02, 2022
Philippine Stock Exchange reception area

A trader walks in front of the logo of the Philippine Stock Exchange (File photo by JAY DIRECTO / AFP)

The stock market limped toward a marginal gain on Friday as the second half of 2022 began with a new Philippine leader at the helm.

The Philippine Stock Exchange index (PSEi) rose 0.16 percent, or 9.92 points, to 6,165.35 while the broader All Shares index added 0.12 percent, or 3.89 points, to 3,340.12.

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The benchmark measure shed 0.84 percent from the previous week. Global recession worries and accelerating inflation continued to weigh on sentiments, pushing investors to the sidelines after a rally early in the week failed to gain traction.

Moreover, the local stock market continued to be challenged by chronically weak participation. Trading activity fell lower on Friday with 508.2 million shares valued at P3.7 billion changing hands.

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Foreigners remained net sellers as they cut their holdings by P226.6 million, PSE data showed.

The marginal gains on Friday offered some respite for the market.

“Investors resorted to bargain-hunting while grappling with sky-high inflation and tighter monetary policy globally,” Luis Gerardo Limlingan, head of sales at Regina Capital Development, said in a note to investors.

Subsectors were also higher, save for industrial stocks, which sank 0.63 percent. Mining and oil and services advanced 0.78 percent and 0.76 percent, respectively, followed by financials, up 0.63 percent; property, up 0.10 percent; and holding firms, up 0.03 percent.

BDO Unibank Inc. was the session’s most active company as it rose 1.45 percent to P112.10 per share.

It was followed by SM Investments Corp., down 1.53 percent to P770; Semirara Mining and Power Corp., up 2.86 percent to P36; Manila Electric Co., down 1.94 percent to P353; and Ayala Land Inc., up 1.96 percent to P26 per share.

Other active stocks were Ayala Corp., up 4.17 percent to P625; PLDT Inc., down 0.6 percent to P1,670; Megaworld Corp., down 3.7 percent to P2.08; Jollibee Foods Corp., up 0.69 percent to P205; and Converge ICT Solutions Inc., down 0.95 percent to P20.95 per share.

Overall, there were 94 gainers against 83 losers while 48 companies closed unchanged. —Miguel R. Camus

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