Index recovers slightly, ends week 1.4% lower

MANILA, Philippines —The benchmark Philippine Stock Exchange index managed to make a slight turnaround later in the day ending in the green albeit flat.

The PSEi edge up by 5.70 points, or 0.07 percent, to end at 7,824.59. The broader All Shares index was up 8.28 points, or 0.17 percent, to close at 4,679.04.

Likewise, most of the sectors finished in the green except for the financials and the property gauges.

Total value turnover was thin at P5.485 billion. Market breadth was positive but by just a notch, 90 to 88 while 58 issues were unchanged.

Foreign buying reached P3.09 billion while foreign selling was up at P3.73 billion.

Despite making a last minute recovery, the index is still down by 1.4 percent for the week as investors continued to wait for the outcome of US-China trade negotiations.

This developed as Aboitiz Equity Ventures Inc. (AEV) marked yesterday its 25th year on the Philippine Stock Exchange (PSE) in a bell ringing ceremony led by AEV president and CEO Erramon Aboitiz.

“As businessmen, there is no doubt we seek profits and a return on our capital. But as Filipinos, we are equally guided by a sense of purpose to find meaningful ways of contributing to our communities across the country. This symbiotic relationship of profit and contributing to society is our secret sauce to true sustainability, allowing the Aboitiz Group to drive change for a better world by advancing business and communities,” Aboitiz said.