Fueled by Wall Street rally, PSEi knocks down 6,600 mark
The upbeat sentiment at Wall Street spilled over into the local bourse with the Philippine Stock Exchange index (PSEi) managing to surpass the 6,600 level on Friday.
The benchmark PSEi rose by 0.19 percent, or 12.26 points, to end at 6,606 while the broader All-Shares index inched up by 0.04 percent, or 1.27 points, to settle at 3,506.47.
“The local bourse returned above 6,600 … following the gain of the US markets overnight as well as the performance of our Asian peers as Fed Chair (Jerome) Powell vows to fight the inflation rate,” said Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement.
“However, market participation remains weak with net value turnover [at just] P4.13 billion, [which was] lower than the year-to-date’s average of P6.2 billion,” she added.
All sectors were positive except for the industrial and property indices, which dropped by 0.31 percent and 1.44 percent, respectively.
About 787 million shares amounting to P4.27 billion were traded. Advancers led decliners, 97 to 77, while 56 issues were unchanged.
Article continues after this advertisementSan Miguel Corp., the most actively traded, fell by 0.20 percent to P98.50 per share.It was followed by Ayala Land Inc., flat at P27.80; Universal Robina Corp., up 0.47 percent to P129; Phinma Corp., flat at P19.90; AbaCore Capital Holdings, up 1.47 percent to P2.77; and Emperador Inc., down 3.60 percent to P20.10.
Other active names were SM Prime Holdings, down 2.67 percent to P36.40; Globe Telecom, down 1.60 percent to P2,090; DMCI Holdings Inc., up 1.94 percent to P10.50; and Ayala Corp., down 0.97 percent to P717.
