PSEi zooms past 6,500, but index newbies falter
The stock barometer yesterday rebounded to the 6,500 level after the sell-off seen last Friday, the last trading day for fund managers to align their portfolios with the latest rebalancing of the main index.
The newly adjusted Philippine Stock Exchange index (PSEi) added 193.49 points or 3.06 percent to close on Monday at 6,513.68.
AC Energy and Converge were included in the index for the first time on Monday, replacing Emperador and DMCI, while weights of other index components had been adjusted.
“Investors became bargain-hunters today following the sell-off from the PSEi rebalancing last Friday. Many are taking cues from the last earnings releases set to be released, while others are tracking the cases of COVID-19 locally and regionally,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
New COVID-19 daily cases are again nearing record highs even as tighter lockdown protocols have been reimposed in Metro Manila.
The stock market’s rebound was led by holding firms, which racked up 4.42 percent, while the industrial, services and property counters all rose by close to 3 percent.
The financial counter edged higher by 0.28 percent. Only the mining/oil counter ended lower (-0.95 percent).
Value turnover amounted to P8.65 billion.
There were 101 advancers that narrowly outnumbered 98 decliners, while 41 stocks were unchanged.PSEi debutants AC Energy and Converge fell by 1.91 percent and 1.28 percent, respectively, as investors pocketed gains ahead of the rebalancing. They were the two most actively traded companies.
Notable gainers outside the PSEi were the two kicked out: Emperador, which rebounded by 16.39 percent after the selldown in previous days; and DMCI, which firmed up by 1.53 percent.
