Historic Mynt market debut lifts PSEi above 5,800

MANILA, Philippines — The local stock market continued with its winning ways, extending its climb to four straight sessions, buoyed by the historic market debut of Mynt Inc.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 0.14 percent or 8.27 points, finishing at 5,806.17.

The broader All Shares index also inched up by 0.02 percent to 0.7 points to end at 3,234.18.

“The PSEi gained for the fourth straight trading day, though slightly, after the highly anticipated listing of Mynt that could still potentially create some excitement in the local stock market,” RCBC chief economist Michael Ricafort said.

Philstocks Financial research manager Japhet Tantiangco said the local market’s sideways movement ended in the positive territory as investors continued with their bargain hunting.

With its latest climb, Tantiangco the market was able to close above the 5,800-resistance level.

Sectoral gauges were still mixed, with holding firms recording the largest gain at 1.46 percent, while mining and oil incurred the biggest loss at 2.13 percent.

Net value turnover reached P8.51 billion.

Market breadth, however, was negative as decliners crushed advancers, 105 to 84, while 69 issues were unchanged.

Mynt, the parent company of GCash, emerged as the session’s top traded stock, closing at P6.60 per share. It was followed by ICTSI, which fell by 1.18 percent to P840, and Ayala Corp., which jumped by 1.11 percent to P545.

“The PSEi edged above 5,800, led by SM Investments (up by 2.4 percent) as beaten-down conglomerates rebounded. Encouragingly, the market held above 5,800 without ICTSI’s help, but ex-GCash turnover was only P4.2 billion, leaving the recovery unconfirmed,” AB Capital Securities said.