PSEi starts week in green, snaps 3-day downturn

MANILA, Philippines — The stock market opened the week on a positive note yesterday as investors went to hunt for bargains at the last minute, traders said.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,389.38, up 11.31 points or 0.17 percent, while the broader All Shares index ended at 3,930.28, up 3.09 points or 0.07 percent.

Most of the sectors finished in the green, with mining and oil leading as it climbed 3.80 percent.

However, total value turnover was thin at P5.417 billion. Likewise, market breadth was negative, 116 to 87, while 42 issues were unchanged.

Foreigners were still net sellers, with net outflows amounting to P700.13 million. Net foreign selling is already on a 17-day streak, averaging P805.77 million per day.

“Last-minute bargain hunting sent the local market higher,” PhilStocks Financial analysts Japhet Tantiangco said.

He noted that trading was still anemic “as many investors stayed outside of the market amid the lingering uncertainties.”

Tantiangco said investors are particularly waiting for the government’s decision on the country’s quarantine measures after April 30.

AB Capital Securities said the index snapped a three-day losing streak as market-on-close buying pushed it higher, despite trading mostly in negative territory for the session.

“As the PSEi continues to bend under the weight of incessant foreign selling, expect Philippine stocks to maintain their weakness for now especially as COVID-19 in the Philippines remains a serious threat to any economic recovery, COL Financial said in a market report.