Blue chips halt slide, but investors cautious

Although in the green due to bargain hunting, the local bourse again ended flat on the last trading day of the week as investors awaited catalysts that could jolt market optimism.

The benchmark Philippine Stock Exchange Index (PSEi) added 0.09 percent, or 5.99 points, to close at 6,897.54 on Friday, snapping a two-session losing streak.

Meanwhile, the broader All Shares Index gained 0.26 percent, or 9.52 points, to 3,742.81.

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Japhet Tantiangco, research manager at Philstocks Financial Inc., noted that value turnover was strong at P13.04 billion, higher than the year-to-date average of P5.01 billion, as traders actively hunted for lower-priced stocks.

“The market’s gains were trimmed, however, as investors maintained a cautious stance while waiting for catalysts,” Tantiangco said.

Property firms led the gainers with a 1.89-percent climb, buoyed by index heavyweights Ayala Land Inc. (ALI) and SM Prime Holdings Inc.

ALI was the top-traded stock as it increased by 1.29 percent to P35.30 per share.

It was followed by International Container Terminal Services Inc., down 1.69 percent to P396.20; SM Investments Corp., down 2.1 percent to P885; BDO Unibank Inc., down 0.46 percent to P152.80; and DigiPlus Interactive Corp., down 4.05 percent to P22.50.

Other actively traded stocks were Security Bank Corp., down 1.64 percent to P60; Universal Robina Corp., down 1.99 percent to P91; SM Prime, up 3.17 percent to P30.95; Ayala Corp., down 1.14 percent to P605; and Metropolitan Bank and Trust Co., up 2.8 percent to P73.50 each.

Gainers outnumbered losers, 104 to 88, while 56 companies closed unchanged, stock exchange data also showed.