PH shares on consolidation mode

FILE PHOTO

The benchmark Philippine Stock Exchange index (PSEi) consolidated at the 6,500 level amid thin market volumes while PLDT Inc. saw a small rebound.

The PSEi rose 0.36 percent, or 23.87 points, to 6,564.90 while the broader All Shares index added 0.26 percent or 8.95 points, to close at 3,441.42.

Trading activity sank during the runup to the New Year holiday break. A total of 1.06 billion shares valued at P2.89 billion changed hands while foreigners were net sellers to the tune of P47.22 million, stock exchange data showed.

Embattled telco giant PLDT also saw buying support on Tuesday as it disclosed that chair Manuel V. Pangilinan and CEO Alfredo Panlilio each had acquired 3,000 shares last Dec. 19.

PLDT’s shares plunged nearly 20 percent that day following its Friday disclosure of a P48-billion capital spending budget overrun over four years.

Subsectors were higher save for financials and mining and oil, which shed 0.54 percent and 0.002 percent, respectively.

SM Investments Corp. was the top traded stock as it rose 1.75 percent to P930 per share.

It was followed by PLDT Inc., up 2.6 percent to P1,262; Jollibee Foods Corp., down 0.43 percent to P229; SM Prime Holdings Inc., flat at P35.50; and Ayala Land Inc., up 2.74 percent to P30 per share. —Miguel R. Camus INQ