Market finds local stocks alluring again
The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday as investors “reverted back” to the local equites market.
By the closing bell, the PSEi had gained 0.72 recent, or 48.72 points, to 6,834.66 while the broader all-shares index rose 0.4 percent, or 16.85 points, to 4,232.11.
“Investors reverted back to buying local shares as mixed economic reports in the United States swayed investors to return back [to] the [Philippines],” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.
This also came on the back of recent reports in the United States showing private employment growing slower than expected.
All subsectors also ended in positive territory, led by mining and oil and industrial, up 2.11 percent and 0.91 percent, respectively.
Data from the Philippine Stock Exchange showed a total of 1.5 billion shares valued at P6.9 billion changing hands on Thursday.
Buying was from local investors while foreigners were net sellers to the tune of P69.8 million.
There were 110 gainers against 86 decliners, while 58 companies closed unchanged.
AC Energy Corp. was the most actively traded during the session as it gained 1.32 percent to P9.99 per share.
It was followed by PLDT Inc., up 3.58 percent to P1,532; Converge ICT Solutions, unchanged at P32; Globe Telecom, down 0.29 percent to P2,752; and Ayala Corp., up 0.76 percent to P794 per share.
Other actively traded stocks were Aboitiz Power Corp., up 3.17 percent to P29.30; Monde Nissin Corp., down 0.6 percent to P16.50; Emperador Inc., down 1.34 precent to P16.24; and Ayala Land Inc., up 0.3 percent to P33.15.
