Index ends flat as water stocks recover
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) ended flat yesterday, finishing 3.22 points or 0.04 percent, higher at 7,733.67.
Likewise, the broader All Shares index rose 4.93 points or 0.10 percent to end at 4,587.99
The other indexes were up except for the financials and mining and oil sectors.
Total value turnover reached P7.8 billion. Market breadth was positive with 93 losers to 91 gainers, while 59 issues were unchanged.
Gabriel Jose Perez of P2P Online gave this comment: “The market was once again fixated on the water stocks.”
However, Manila Water still took the spot for the highest net foreign selling print of P213 million.
“We expect continued volatility for these names in the coming days especially since price movements have been heavily event-driven,” he said.
“The broad index meanwhile closed flat at 3.22 points in the green after trading in the red for most of the day and being bought up at the close. Seems like the market is intent on keeping the 7,700 support alive with the past two closes being buy ups to above this level. Resistance and initial target for the PSEi given a potential bounce would be at its 200 DMA (simple moving average) of 7,900,” Perez said.
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