PSEi trades sideways despite strong bank earnings
MANILA -The benchmark Philippine Stock Exchange index (PSEi) closed flat on Tuesday as investors weigh more corporate earnings releases after some of the county’s largest banks reported strong first quarter earnings.
By the closing bell, the PSEi slipped 0.08 percent, or 4.99 points, to 6,593.39 while the broader All Shares index was down 0.09 percent, or 3.30 points, to 3,506.79.
Top lenders that have reported earnings so far are BDO Unibank, Bank of the Philippine Islands and Union Bank of the Philippines.
“Market sentiment also supported recently after generally better corporate results; the economic team proposed new tax reform measures to further improve the government’s fiscal performance and also maintained its Philippine economic/[gross domestic product] growth estimates,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
A total of 741.13 million shares valued at P5.23 billion changed hands while foreigners were net sellers to the tune of P224.66 million, stock exchange data showed.
PSE subsectors were mixed with mining and oil, industrials, financials and holding firms pushing higher while property and services retreated.
BDO Unibank Inc. was the top traded stock as it gained 0.14 percent to P139.70 per share.
It was followed by Bank of the Philippine Islands, flat at P109.50; Ayala Land Inc., down 1.13 percent to P26.35; International Container Terminal Services Inc., up 0.46 percent to P218; and SM Investments Corp., flat at P900 per share. INQ
