PSEi wrings out small gain from tepid trading
The benchmark Philippine Stock Exchange index (PSEi) eked out a small gain on Friday while the daily volume plunged by nearly half due to lack of market catalysts.
By the closing bell, the PSEi added 0.12 percent, or 7.22 points, to 6,263.39 while the broader All Shares index shed 0.02 percent, or 0.8 points, to 3,381.06.
The PSEi gained over 1 percent week-on-week.
Trading volume also fell sharply from P6.1 billion the previous day to P3.29 billion on Friday as 604.04 million shares changed hands. Foreigners remained net sellers to the tune of P146.35 million, data from the PSE showed.
PSE subsectors were mixed with financials, holding firms and services closing higher while industrial, property and mining and oil slipped.
“Local shares ended Friday marginally higher on a softer greenback. Investors also digested a slump in oil prices,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.
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Asian stocks were higher after the European Central Bank raised its key interest rate for the first time in 11 years.
Article continues after this advertisementSM Prime Holdings Inc. was the top traded stock on Friday as it dropped 0.28 percent, or 0.1 points, to P36 per share.
It was followed by SM Investments Corp., up 1.81 percent to P788; International Container Terminal Services Inc., up 0.94 percent to P182.70; Universal Robina Corp., up 1.62 percent to P112.80; and Ayala Land Inc., down 2.35 percent to P24.90 per share.
Synergy Grid & Development Philippines lost 0.16 percent to P12.18; Semirara Mining and Power Corp., down 1.82 percent to P40.45; DMCI Holdings Inc., flat at P9.50; PLDT Inc., down 0.42 percent to P1,672 and Monde Nissin Corp., up 1.13 percent to P14.38 per share.
Overall, there were 92 decliners against 82 advancers while 56 companies closed unchanged, PSE data showed.
