Connect with us

Hi, what are you looking for?


PSEi climbs on last-minute buying, eased lockdown

THE MAIN INDEX went up on Friday on last-minute buying and after the government announced updated quarantine restrictions on Thursday.

The Philippine Stock Exchange index (PSEi) gained 32.96 points or 0.52% to close at 6,269.36 on Friday, while the all shares index lost 7.02 points or 0.18% to end at 3,850.98.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said the PSEi closed “miraculously” after “buy-on-close” brokers lifted the market, “creating an artificially positive close and bewildering many.”

“Unfortunately, this artificial climb may have to naturally adjust down and normalize on the next trading day,” Mr. Barredo said in a Viber message.

He noted the market weakened earlier in the day as investors reacted to Wall Street’s decline following the release of US inflation data.

“Although the US did rally last night, the PSE was coming from a holiday Thursday, and it had not yet reacted to markets coming down the day previous,” Mr. Barredo said on Friday.

Financial markets were closed on Thursday in observance of the Feast of Ramadan or Eid al-Fitr.

“The market managed to respect the 6,200 support area with the index ending slightly higher during the last minute of trading, as investors digested the government’s decision to ease the lockdown measures enforced in NCR Plus,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.

NCR Plus, which includes Metro Manila and the nearby provinces of Bulacan, Cavite, Laguna, and Rizal, will shift to a slightly looser lockdown beginning Saturday, May 15.

Presidential Spokesperson Herminio “Harry” L. Roque, Jr. said in a statement on Thursday evening that President Rodrigo R. Duterte put Metro Manila and nearby provinces under a general community quarantine “with heightened restrictions” until May 31.

Most sectoral indices closed in the red on Friday except for holding firms, which improved by 113.12 points or 1.81% to finish at 6,344.87.

Meanwhile, mining and oil fell by 128.44 points or 1.39% to 9,071.02; property dropped by 23.07 points or 0.77% to 2,948.41; industrials went down by 65.22 points or 0.75% to close at 8,558.71; services declined by 7.78 points or 0.53% to 1,434.47; and financials lost 4.34 points or 0.3% to end at 1,399.30.

Value turnover soared to P11.06 billion on Friday with 4.18 billion shares switching hands, from the P6.2 billion with 3.63 shares traded on Wednesday.

Decliners beat advancers, 152 versus 50, while 52 names closed unchanged.

Foreigners turned buyers with P2.04 billion in net purchases, a reversal of the P565.86 million in net outflows seen the previous trading day. — K.C.G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Virgin Orbit’s next satellite launch will take place from the UK, following the success of the “Straight Up” mission, which lifted off from Mojave...


Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...


UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...


London City airport is seeking to overturn its Saturday flight ban and raise by 40% the limit on its passenger numbers. A local residents’...


The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....


Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.