MANILA, Philippines–The local stock index on Wednesday revisited the 6,800 mark, powered by cash-awash investors who are chasing higher yields.
The main-share Philippine Stock Exchange index added 31.2 points, or 0.46 percent, to close at 6,809.18, bucking the downturn in most regional markets. This was after the World Bank cut global growth forecasts for the year.
The property sub-index, which rose by 1.23 percent, led the day’s gainers. It was powered by ALI, which rose by 3.1 percent.
The financial, holding firm and industrial counters also firmed up.
The services and mining/oil counters, on the other hand, slipped.
Value turnover for the day amounted to P7.6 billion.
Despite the main index gain, market breadth was negative as there were 98 decliners against 84 advancers, while 42 stocks were unchanged.
Joseph Roxas, president of local stock brokerage Eagle Equities, said high liquidity in the domestic financial market was driving stock prices higher.
“There’s so much money,” Roxassaid.
Apart from ALI, the PSEi was lifted by gains eked out by EDC (+2.18 percent).
Also, BDO, GTCAP and FGEN all rose by over 1 percent.
Metrobank, URC, SMIC, BPI, AEV and DMCI also contributed to the day’s gains.
On the other hand, AGI and Jollibee—both down by over 1 percent—curbed the stock index rise.
PLDT, Megaworld, AC, SM Prime and LTG also slipped.
Outside of main index stocks, DoubleDragon fell by 13.72 percent, paring lofty post-initial public offering gains.
The index is seen to consolidate within a range of 6,600 to 6,900 in the short term.–Doris C. Dumlao
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