Stock Market Recovers On Regional Upswings

Written by imoney

The Philippine Stocks Exchange managed to slightly recover on Thursday, but it wasn’t enough for the market to get back to the 7,500 mark.  The said mark up can be credited to a regional upswing.

The stock market closed at 7,497.17, which translated to 27.03 points or 0.36 percent. Meanwhile, the broader share index went up by 16.98 points or 0.37 percent, finishing at the 4,588.29 mark. Most of the Shares Index closed on a positive mark except for the Industrial Index which ended in the red territory.  The total value turnover, meanwhile, reached P17.2 billion. Advancing stocks numbered 102 while decliners numbered 101. Forty-one issues were left unchanged.

According to Papa Securities trader Gio Perez, the bulk of the trades happened at the close as value turnover was only around PHP5 billion at 3 pm.  Despite various issues that were either sold down or bought up at the close, the PSEi managed to end the day with a PHP17.2 billion value turnover, translating to a 27 point gain at 7,497.17.

The largest value turnover and net foreign buying were from SM Prime,  as it ended flat with PHP3.8 billion and PHP586.2 million respectively.   Robinsons Land, on the other hand, was clearly the winner as it ended with the largest gain in the index. It went up 10 percent after being bought up at the close. The second highest net was from RLC with a foreign buying of PHP165.5 million.

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