Local shares climbed on Thursday, April 26, sending in positive territory for the first time this week as concerns on rising interest rates momentarily settled.
The bellwether Philippine Stock Exchange index (PSEi) gained 0.79% or 59.51 points to close at 7,617.42, reversing early day losses that saw the market sink further down the 7,500 mark. The broader all-shares index also ended up by 0.49% or 22.62 points to 4,618.05.
“Philippine markets finally got a lift, coinciding with Wall Street snapping a five-day losing streak as interest rate concerns ebbed. Overnight markets were relatively muted despite the 10-year US treasury yield firmly above 3%, bringing some buying interest back to the markets,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Analysts have been expecting the market to consolidate between the 7,600 to 7,750 level this week, before finding a stronger support base that will help it find its way back to an upward trajectory.
Four sectoral indices advanced, led by property which jumped 2.12% or 74.60 points to 3,589.27. Holding firms followed with an increase of 1.07% or 80 points to 7,569.06; services gained 0.58% or 8.84 points to 1,538.12, while industrial added 0.39% or 41.96 points to 10,819.55.
On the other hand, financials lost 0.82% or 16.09 points to 1,943.03, while mining and oil shed 0.52% or 53.21 points to 10,239.44.
A total of 780 million issues switched hands on Thursday, valued at P5.11 billion, lower than Wednesday’s P6.21-billion value turnover.
Advancers outpaced decliners, 112 to 89, while 39 issues closed flat. Foreign investors remained sellers, with net outflows rising to P488.04 million on Thursday, against P370.53 million in the previous session.
Thirteen of the 20 most actively traded stocks eked out gains, with index heavyweight JG Summit Holdings, Inc rising 3.81% to P61.25 each, while Universal Robina Corp added 2.92% to P137.60 each. Speculation of Now Corp.’s participation as the third telco player continued to propel its shares, rallying 17.08% to P8.02 each. — Arra B. Francia

RELATED ARTICLESMORE FROM AUTHOR