Index recovers late, remains in positive territory

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) made a last minute U-turn yesterday, ending in positive territory after wallowing in the red for most of the day.

The PSEi finished at 7,983.98, up 24.12 points or 0.30 percent.

Likewise, the broader All Shares index rose 5.92 points or 0.12 percent to end at 4,890.79.

Total value turnover reached P4.239 billion. Market breadth was positive, with 103  gainers against 86 losers, while 48 issues were unchanged.

Traders said it was a dull day as the index ended flat on lack of catalysts. The PSEi closed higher, but only following a sharp recovery late in the afternoon.

Joseph Roxas of Eagle Equities said the last minute U-turn shows that the market movement is dominated by day traders, but the index is still in consolidation mode.

“We are approaching the third quarter which is not good for market,” Roxas said.

Volume was noticeably low at only P801 million  while net foreign selling was at P573 million.

Gainers included GT Capital, which was up 2.1 percent; LT Group, up 1.9 percent and Aboitiz Equity Ventures, which rose 1.5 percent.

Likewise, BDO, Metro Pacific Investments Corp. and ICT were all up and recorded the highest net foreign buying prints of P31 million, P26 million and P20 million, respectively.

Traders said the market may move sideways next week due to another holiday break and still with the lack of catalysts.