PSEi recovers as investors pick up select stocks

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SHARES bounced back on Thursday as investors went on selective buying of some stocks. 

PSEi recovers as investors pick up select stocksThe bellwether Philippine Stock Exchange index (PSEi) gained 0.18% or 15.67 points to finish at 8,378.28.

On the other hand, the all-shares index was flat at 4,892.80, just 0.01% or 0.82 point lower.

“There’s nothing significant market-moving news today, but I think it’s just a bargain hunting of selected stocks,” IB Gimenez Securities, Inc. Head of Research Joylin F. Telagen said in a text message on Thursday.

SM Investments Corp. was the most actively traded stock for Thursday, losing 0.21% to P971.50 apiece, followed by BDO Unibank, Inc with a 0.86% decline to P150.10 each.

Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) saw its shares jump 0.60% to P6.75, with a total trading volume of 37.52 million following its disclosure that it will be submitting an unsolicited proposal to the Department of Transportation to form a super consortium that will rehabilitate the Ninoy Aquino International Airport. 

MPIC will be joining Alliance Global Group, Inc., Filinvest Development Corp., JG Summit Holdings, Inc., Aboitiz InfraCapital, Inc., and AC Infrastructure Holdings Corp. for the proposal.

Regina Capital Development Corp. Managing Director Luis A. Limlingan said the market’s movement was similar to that of indices in the United States, as both are currently instituting reforms to their taxation schemes.

“It was a typical sell on news session as both countries have undergone huge overhauls in their tax system to hopefully boost growth and welfare,” Mr. Limlingan said.

Sectoral counters ended mixed, with four advancing and the other two declining.

The industrials sub-index posted a 0.47% uptick or 52.74 points to 11,151.34, followed by holding firms with an increase of 0.32% or 27.36 points to 8,508.89. The property sector added 0.16% or 6.38 points to 3,889.20, and financials gained 0.03% or 0.68 point to close the session at 2,140.68.

Meanwhile, the mining and oil sub-index gave up 1.24% or 140.78 points to 11,189.84 and services shed 0.18% or 2.94 points to 1,598.29.

A total of 1.13 billion issues switched hands, for a total value turnover of P6.31 billion, higher than the P5.26 billion recorded the day prior.

Losers narrowly outpaced gainers, 104 to 101, while 41 names closed flat.

Foreign investors turned net buyers amounting to P1.86 billion on Thursday, reversing the four-day net outflow that ended at P225.82 million on Wednesday.

MPIC is one of three Philippine units of Hong Kong-based First Pacific, along with PLDT, Inc. and Philex Mining. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia