PSEi up slightly as PLDT selldown eases

The benchmark Philippine Stock Exchange index (PSEi) saw a relief bounce on Tuesday as several blue chip names recovered and selling pressure on PLDT Inc. eased.

The PSEi rose 0.68 percent, or 43.85 points, to 6,458.12 while the broader All Shares Index added 0.51 percent, or 17.09 points, to 3,384.40.

Trading activity also decreased sharply versus the previous session, which was amplified by the selldown of PLDT shares after the firm disclosed a multibillion-peso capital spending overrun.

A total of 508.99 million shares valued at P5.6 billion changed hands while foreigners were net sellers to the tune of P427.6 million, data from the PSE showed.

PLDT was the top traded stock for second straight session, shedding 0.17 percent to P1,190 per share.

It was followed by Ayala Corp., up 0.5 percent to P702.50; International Container Terminal Services Inc., up 4.08 percent to P204; GT Capital Holdings Inc., up 2.56 percent to P400; and Ayala Land Inc., up 1.7 percent to P29.90 per share.

SM Prime Holdings Inc. was up 0.44 percent to P34.20; Globe Telecom, up 1.4 percent to P2,180; Jollibee Foods Corp., down 1.79 percent to P230.80; SM Investments Corp., down 0.39 percent to P905; and BDO Unibank Inc., down 0.37 percent to P107.40 per share.

Overall, there were 90 advancers against 77 losers while 48 companies closed unchanged, data from the stock exchange showed.

—Miguel R. Camus