PSEi edges up as regional markets recover

MANILA, Philippines — The stock market edged up yesterday, mirroring the general uptrend in Asian markets. 

The benchmark Philippine Stock Exchange index (PSEi), the stock market barometer, went up by 45.99 points, or 0.81 percent, to close at 5,667.93. 

Likewise, the broader All Shares also finished in positive territory, gaining by 22.44 points, or 0.66 percent, to finish at 3,426.24. 

Most sectoral indexes also finished in positive territory except for the services index. 

Total value turnover, however, was thin at P4.539 billion. Market breadth was positive albeit only by a thin margin with 90 gainers and 80 losers, while 55 issues were unchanged. 

Chris Mangun of AAA Securities said Asian markets moved higher yesterday as investors remain optimistic that the global economy will recover somewhat quickly from the coronavirus disease 2019 or COVID-19 outbreak. “Investors looked forward to more countries restarting their economies. The slow down in new cases globally has also improved the general sentiment. US and European equity futures are pointing to a higher opening as well,” he said.

The same general sentiment prevailed at the local bourse.

“The PSEi ended higher yesterday as investors remain optimistic that the government will lift the enhanced community quarantine at the end of the week. The quarantine has been extended twice and is supposed to last until May 15,” Mangun said.

The session started with a minor selloff on low trading volumes.

This prompted buyers to come in, he said. 

“It climbed steadily toward the end of the session, closing a few points away from its high for the day. The Industrial sector led the charge thanks to gains in Universal Robina Corp., Jollibee Foods Corp. and Manila Electric Co.,” Mangun also said.