PSEi inches up on bargain hunting

The local stock barometer en­ded marginally higher on Friday after falling most days of the week due to concerns on rising coronavirus infections locally.

The main-share Philippine Stock Exchange index (PSEi) added 4.8 points or 0.08 percent to close at 6,197.38 on selective buying of large-cap stocks.

Explaining the PSEi’s sideways movement, PNB Securities president Manuel Lisbona said the market started out sluggish during the session as sentiment was dampened by the appa­rent resurgence of coronavirus cases in the United States.

“Bargain-hunting bulls came in toward the end of the session bidding up the likes of SMC, SM Prime and First Gen,” Lisbona said, noting, however, that foreign funds remained net sellers.

“After being tested several times, the 6,130 support level remains steady. Absent any shocks, we are looking at the market to trade between 6,130 and 6,400 in the coming sessions,” he added.

There was P1.4 billion worth of net foreign selling for the day but domestic hands helped stabilize the market.

For the week, the main index lost a total of 175.28 points or 2.75 percent.

The PSEi was shored up by modest gains eked out by the industrial and property counters, which both added less than 1 percent.

The mining/oil counter shed 2.68 percent, while the financial, holding firm and services counters all declined by less than 1 percent.

Value turnover for the day amounted to P5.17 billion.

Despite the PSEi’s marginal gain, market breadth was negative. There were 115 decliners that edged out 82 advancers, while 47 stocks were unchanged.

The PSEi was shored up mostly by property giant SM Prime, which gained 4.59 percent.

Gokongwei-led JG Summit and Meralco both rose by over 2 percent.

Puregold and BPI both advanced by over 1 percent while Globe Telecom rose by 0.48 percent.—DORIS DUMLAO-ABADILLA