PH stocks buoyed by US gains, window- dressing


Philippine shares tracked the advance on Wall Street and finished Tuesday’s trade with mild gains but enough to drive the main index to another record finish.

Last-minute window-dressing activity by some market participants also helped push the index higher.

The Philippine Stock Exchange index (PSEi) rose 0.52 percent or 41.08 points to close at 7,940.49, marking the 23rd time this year it ended at an all-time high.

The All Shares index gained 0.22 percent or 9.96 points to 4,560.17.

Tuesday’s closing level broke the previous high of 7,899.41 recorded on March 30.

Alexander Adrian Tiu, analyst at AB Capital Securities Inc., said in a text message that the PSEi surged “following the uptrend on the US markets last night and window-dressing for the end of the first quarter.”

Citing the 1.51-percent drop in the mining and oil sub-index, Tiu said nickel miners mostly fell due to “a new low on LME nickel prices.”

Tiu said the PSEi is set to be “slightly bearish” on Wednesday, ahead of the Holy Week and the incoming typhoon.

“In the coming days, we might expect the index to retest 8,000 after the Holy Week given the favorable economy. First-quarter results may play a pivotal role if the run is to be extended,” Tiu said.

Caylum Trading Institute President Edmund Lee sees the market having been “buoyed by continuous foreign buying. The market should remain resilient. Any drop should be an opportunity to get in.”

The sectoral indices were mixed — industrial, holding firms and property gained while financials, services and mining and oil lost.

Most of the 10 most active stocks rose, but Alliance Global Group Inc. ended flat, Metropolitan Bank and Trust Company and Nickel Asia both fell.

The top companies that advanced on Tuesday were Ayala Corp., Universal Robina Corp., Ayala Land Inc., BDO Unibank Inc., Philippine Long Distance Telephone Company, Security Bank Corp., and JG Summit Holdings Inc.

A total of 3.3 billion shares were traded on Tuesday, valued at P6.86 billion.

On Monday, the PSEi gained 21.45 points or 0.27 percent to 7,899.41, while the broader All Shares index added 3.81 points or 0.08 percent to 7,899.41.

Today (Wednesday) is the last trading session of the week. The market will be closed tomorrow and will reopen on Monday, April 6.


Please follow our commenting guidelines.

Comments are closed.