Index finishes higher on last-minute buying
MANILA, Philippines — Share prices managed to end higher yesterday as bargain hunters resorted to last-minute buying, providing the main index a lift despite an erratic trading session.
The bellwether Philippine Stock Exchange index or PSEi closed at 6,942.76, up 23.22 points or 0.33 percent.
Likewise, the broader All Shares index finished higher at 4,186.76, a gain of 6.84 points or 0.16 percent.
The sectoral gauges were a mixed bag, however, with the mining and oil, services, property and industrial indexes closing in the red, while holding firms and financials finished in positive territory.
Net value turnover was P34.09 billion, propped up by market-on-close buying.
“The local market fluctuated between gains and losses during the session as vaccine rollout optimism waned,” said AB Capital Securities in a market commentary.
Not surprisingly, foreign selling persisted for the 11th straight session at P300 million yesterday. Market breadth was negative, 125 to 101, while 40 issues were unchanged.
“Last minute bargain hunting sent the local market higher (yesterday) by 23.22 points (0.33 percent) to 6,942.76. For most of the day however, the market was dominated by selling pressures brought by COVID-19 concerns amid the increase in cases with the more infective variants, inflation expectations, and dismal bank lending data,” Japhet Tantiangco of PhilStocks Financials said in a report.
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