PSEi dips, but ‘support’ at 7,000 holds

The benchmark Philippine Stock Exchange Index (PSEi) held above the 7,000 “support” zone despite climbing COVID-19 infections and the slump on Wall Street overnight.

After slipping as low as 6,999.17 earlier in the session, the PSEi ended at 7,085.52, down 0.08 percent and 5.88 points, The broader all-shares index was also down 0.44 percent, or 16.59 points, to 3,777.58.

The PSEi saw smaller losses as buyers snapped up large holding companies, including SM Investments Corp. and Ayala Corp.

This was despite the ongoing surge in COVID-19 cases that could trigger the return of strict lockdowns. The Department of Health reported 17,220 new infections on Thursday—up nearly 60 percent from the previous day.

The positivity rate also increased from 31.7 percent to 36.9 percent on Thursday.

This came as US indices pulled back after the Federal Reserve indicated a faster timeline for raising interest rates to control high inflation.

PSE subsectors were mostly lower on Thursday, save for holding firms, which gained 0.93 percent.

Losers were led by services, down 1.36 percent, followed by mining and oil, down 1.02 percent, and industrial stocks, down 0.91 percent.

Financials and property subindices tumbled 0.7 percent and 0.04 percent, respectively.

Trading volume was relatively low with 771.8 million shares valued at P5.21 billion. Foreigners were also net sellers to the tune of P103.55 million.

Data from the PSE showed 114 losers versus 57 gainers while 59 companies closed unchanged.

AC Energy Corp. was the most actively traded on Thursday as it fell 4.46 percent to P9.65 per share.

It was followed by SM Investments Corp., up 1.88 percent to P947; Security Bank Corp., down 3.54 percent to P109; International Container Terminal Services Inc., down 2.27 percent to P193.50; and Converge ICT Solutions, down 0.64 percent to P31.20 per share.

Other active stocks were SM Prime Holdings Inc., down 2.47 percent to P33.50; Ayala Corp., up 0.53 percent to P848; Ayala Land Inc., up 3.41 percent to P34.90l Monde Nissin Corp., up 1.37 percent to P16.22 and JG Summit Holdings Inc., down 0.35 percent to P56.30 per share.