Index sustains gains for 3rd straight day

MANILA, Philippines — The Philippine Stock Exchange index (PSEi), the stock market gauge, finished yesterday’s session with a modest gain of 22.53 points or 0.40 percent to close at 5,604.49.

Likewise, the broader All Shares index gained by 3.49 points, or 0.10 percent to close at 3,374.96.

The other gauges were a mixed bag with the financials, property and mining and oil sectors finishing in the red.

Total value turnover was thin at P4.730 billion. Market breadth was negative with 86 losers and 75 gainers, while 57 issues were unchanged.

In a comment, AB Capital said: “The local market ended slightly higher as investors continue to monitor the number of virus cases in the country with the reopening of cities. Since May 16, the Department of Health has been reporting more than 200 cases a day.”

Chris Mangun of AAA Securities added this comment: “The PSEi started the day slightly lower, but quickly recovered and ended close to its high for the day.”

He said yesterday’s trading was similar to the previous day with very low trading volumes and minor movements from blue-chip issues.

“Most investors are on the sidelines as they are pessimistic that an economic recovery will be swift. The main index is currently up a little over one percent for the week and with only one day of trading left for the week, it could go either way. After three days of minor gains, we may see it end lower as investors close positions before the weekend,” Mangun said.