PSE index rebounds after early losses | Inquirer Business

PSE index rebounds after early losses

By: - Business Features Editor / @philbizwatcher
/ 05:09 AM July 21, 2018

The local stock barometer slightly rebounded yesterday, tracking an intraday recovery across regional markets after the initial jitters caused by the sharp decline in the value of the Chinese yuan.

The main-share Philippine Stock Exchange index (PSEi) added 11.74 points or 0.16 percent to close at 7,399.61, reversing early losses albeit still on very thin value turnover.

The PSEi flirted with 7,400 in intraday trade.

Article continues after this advertisement

Across the region, most stock markets also initially slumped due to concerns over the yuan but most recovered in late trade.

FEATURED STORIES

At the local market, the PSEi was led higher by the financial, industrial, mining/oil and property counters.

On the other hand, the holding firm and services counters faltered.

Article continues after this advertisement

Value turnover remained weak at P3.43 billion, reflecting caution among investors.

Article continues after this advertisement

There were 96 advancers that slightly edged out 93 decliners while 51 stocks were unchanged.

Article continues after this advertisement

The PSEi was led higher by Aboitiz Power, which gained 2.06 percent, while Ayala Land, SM Prime, Ayala Corp., BDO and  JG Summit all added over 1 percent.

Metrobank, the day’s most actively traded stock, gained 0.71 percent. The bank grew its second quarter net profit by 31 percent year-on-year to P5.2 billion, bringing first half net profit to P11 billion, up by 16 percent year-on-year.

Article continues after this advertisement

URC also slightly gained.

Outside of the PSEi, notable gainers included TBGI, which rose by 5.56 percent, while Megawide added 4.65 percent.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

On the other hand, Metro Pacific and AEV both lost over 3 percent, while SM Investments and Jollibee lost over 1 percent.

TAGS: Philippine financial market, PSE index, stocks

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.