Property, holding firms save PSEi from Monde Nissin, PLDT sell-off
MANILA -The Philippine Stock Exchange index (PSEi) pushed higher at the start of the holiday-shortened week as large property and holding companies countered heavy losses by Monde Nissin Corp. and PLDT Inc.
By the closing bell, the benchmark measure rose 0.47 percent, or 30.31 points, to 6,529.99 while the broader All Shares index was up 0.14 percent, or 5.06 points, to 3,498.43.
Volume fell lower as trading activity winded down ahead of the extended weekend in observance of the Holy Week holidays. The PSE said in a notice there will be no trading on April 6 to 7 and on April 10.
A total of 1.77 billion shares valued at P4.08 billion changed hands while foreigners were mostly sellers, trading a net amount of P68.3 million.
Gains by heavyweights Ayala Land Inc., Ayala Corp. and JG Summit Holdings offset losses by Monde Nissin and PLDT.
Monde extended losses by over 8 percent on Monday after disclosing weaker 2022 results while PLDT fell nearly 6 percent after its credit score was downgraded a notch by debt watcher S&P Global Ratings.
Monde was also the top traded stock as it tumbled 8.26 percent to P9 per share. INQ
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