Stocks recover, but gains muted ahead of IPO rush
MANILA, Philippines — The stock market ended in positive territory yesterday but gains were somewhat muted as investors may be preparing for the robust IPO pipeline, traders said.
Thus, the benchmark Philippine Stock Exchange index (PSEi) ended at 7,992.32, up 47.89 points or 0.60 percent.
Likewise, the broader All Shares index gained 23.18 points, or 0.48 percent, to finish at 4,822.97.
The sectoral gauges finished strong as well with services and mining and oil finishing in positive territory.
However, total value turnover was thin at P4.530 billion even as market breadth was positive, 111 to 69. Sixty-three issues were left unchanged.
According to AB Capital Securities, it is likely that people are holding on to their investible funds and preserving this for the pipeline of companies that will debut in the stock market in the coming months.
These include the Villar Group’s All Home, coconut producer Axelum Resources, technology firm Cal-Comp and Metro Pacific Hospital Holdings Inc. (MPHHI)., the hospital arm of Metro Pacific Investments Corp.
AllHome is looking to raise P20.7 billion while Axelum Resources Corp. is targeting P4.8 billion.Cal-Comp Technology, a technology company part of Taiwanese conglomerate New Kinpo Group (NKG), has revived its IPO plan with a planned P9.286 billion listing.
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