Late buying spree props up stocks

MANILA, Philippines — The benchmark Philippine Stock Exchange index finished higher yesterday, buoyed by some last minute buying.

The PSEi finished at 8,078.21, up 36.17 points or 0.45 percent.

Likewise, the broader All Shares index rose by 21.43 points, or 0.43 percent, to end at 4,922.17.

The sectors, however, were a mixed bag with financials, services and conglomerates staying up. On the other hand, the property, industrial and mining and oil ended in negative territory.

Total value turnover reached P5.357 billion. Market breadth was negative, 109 to 93 while 39 issues were unchanged.

Traders said the index managed to perk up after a last minute jolt but would like to continue to look for stronger catalysts moving forward. These may include second quarter earnings results, which are expected to come in next week.

In terms of specific issues, Gokongwei-owned Cebu Pacific Air broke the ceiling yesterday, gaining 50 percent to P87 per share after a trading error on Tuesday when it finished at P58.

“Based on information received by the Corporation, the movement of the share price from P58 to P87 on the morning of July 10, 2019 was the result of the share price recovering from a trading error made by a Philippine broker in the last few minutes of trading on July 9, 2019, which resulted in the decline of the share price to P58,” Cebu Pacific said.

The trading error wiped out roughly P20 billion in Cebu Air’s market value.