Index back at 6,000 mark, bouyed by large-cap stocks

MANILA, Philippines — Share prices trekked back to the 6,000 mark yesterday as investors take positions in large-cap issues, offsetting losses in previously high-flying stocks as the pandemic drags on.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,018.21, up 21.07 points or 0.35 percent.

Likewise, the broader All Shares index finished at 3,591.57, up 0.89 points or 0.02 percent.

Most of the sub-sectors, however, closed lower except for the services and industrial gauges.

A total of P5.549 billion worth of stocks changed hands, with 113 decliners, 78 advancers and 51 issues unchanged.

Chris Mangun of AAA Southeast Equities said gains in large-cap issues were mostly offset by losses in some other sectors.

“The PSEi inched higher again (yesterday) as gains in large-cap issues were mostly offset by losses in pandemic high-flyers, the telcos and retail/consumer focused stocks which have been sold off in the last few days as investors reposition themselves,” Mangun said.

Moving forward, he said the trend may continue till the end of the week.

“The market’s current movement may be the calm before the storm as the economy continues to bounce back. More and more investors will come back into the market as they gain a sense of confidence on the fact that the worst is over in terms of the health concern as well as the economic downturn,” he said.