Index ends in green as massive selling eases

Stocks managed to end in positive territory again yesterday as massive selling eased, although most investors remain on the sidelines while waiting for catalysts and more encouraging signs from the local and global fronts on the fight against the COVID pandemic.

The bellwether Philippine Stock Exchange index ended at 5,966.27, up 39.16 points or 0.66 percent while the broader All Shares barometer rose 14.60 points or 0.41 percent to close at 3,508.24.

Nearly all sub-sectors climbed except for mining and oil.

However, total value turnover was thin at P3.574 billion and market breadth was negative with 103 decliners to 74 advancers while 47 issues were unchanged.

“Late day bargain hunting sent the local market higher by 39.16 points or 0.66 percent at 5,966.27. Value turnover was tepid however at P3.6 billion, below the year-to-date average of P6.5 billion. This shows that many investors are staying on the sidelines, waiting for further cues primarily the government’s decision on quarantine measures after July 31. Losers edged gainers, 103 to 74. Industrials led gainers, climbing 1.76 percent. Miners were the only losers, shedding 1.47 percent,” said Philstocks Financials.

On specific issues, shares of Pangilinan-led PLDT tumbled 0.83 percent to close at 1,316.00 while Ayala-led Globe’s shares rose one percent. On the other hand, shares of Dennis Uy’s Dito CME Holdings Corp. lost 3.27 percent.

These reflected investors mixed reactions after President Duterte attacked anew the existing telco players in the country, Globe and Smart, while not mentioning the third telco, Dito CME.

Iris Gonzales (The Philippine Star )

Source: Peso Economics