Connect with us

Hi, what are you looking for?


PSE index inches higher on last-minute buying

THE benchmark index inched up after a volatile session on Wednesday due to last-minute bargain hunting as trading volume was muted due to the lack of fresh catalysts.

The Philippine Stock Exchange index (PSEi) inched up by 0.97 point or 0.01% to close at 6,245.71 on Wednesday, while the all shares index gained 5.51 points or 0.14% to end at 3,852.90.

“The market fluctuated between gains and losses for the session and ended less than a point higher amid lack of catalysts,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message.

Meanwhile, Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market eked out a small gain due to bargain hunting.

“The local bourse was again saved by the last-minute bargain hunting… The improving COVID-19 (coronavirus disease 2019) pandemic situation in Greater Manila provides optimism in the market,” Ms. Alviar said in a separate Viber message.

Timson Securities, Inc. Trader Darren Blaine T. Pangan said trading volume remained lower than average yesterday “due to the lack of catalysts in the local scene.”

Value turnover decreased to P4.83 billion on Wednesday with 1.56 billion issues traded, from the P6.19 billion with 2.63 billion shares that switched hands on Tuesday.

Coronavirus infections rose by 4,700 on Wednesday to bring the total to 1.159 million, based on data from the Department of Health.

This was lower than the average daily count seen in previous weeks and was also a stark improvement from the 10,000 cases seen almost every day in March, which had prompted the government to put parts of the country back under tighter restrictions.

President Rodrigo R. Duterte approved the recommendation of an interagency task force to place National Capital Region and the provinces of Bulacan, Cavite, Laguna, and Rizal under a general community quarantine with heightened restrictions from May 15 to 31.

Meanwhile, active cases stood at 49,951 as of Wednesday from 52,291 on the previous day, while deaths were at 19,507. Recovered patients totaled 1.09 million.

Most sectoral indices declined on Wednesday except for industrials, which improved by 103.84 points or 1.22% to end at 8,583.82, and financials, which went up by 0.6 point or 0.04% to 1,380.18.

Meanwhile, property dropped by 17.18 points or 0.57% to 2,996.59; mining and oil declined by 42.15 points or 0.45% to end at 9,141.66; services went down by 2.88 points or 0.19% to finish at 1,461.27; and holding firms lost 5.54 points or 0.08% to 6,219.23.

Advancers trumped decliners, 115 versus 82, while 47 names closed unchanged.

Net foreign selling went down to P457.83 million on Wednesday from the P549.72 million in net outflows logged the previous trading day.

“We expect the index to range trade for now with immediate support at 6,200 and resistance at 6,400,” AB Capital Securities’ Mr. Soledad said. — 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!



Almost one in five UK workers say they are likely to change jobs in the next 12 months as they seek better pay and...


Around 57 per cent of van owners feel discouraged from going electric due to a lack of charging points, according to a survey published...


Business and cycling groups have urged the government to reform its cycle to work scheme so it can be used by lower-paid and self-employed...


Beer drinkers could soon find it difficult to buy their favourite bottled beverage because of a shortage of glassware triggered by soaring energy costs,...


  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...


Notice of Annual Stockholders’ Meeting Notice is hereby given that the Annual Stockholders Meeting will be held on Monday, June 20, 2022 at 8:30...

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.