AC Energy and Converge drive this week’s market ahead of their debut into the PSEi

The latest update to the 30 listed members of the Philippine Stock Exchange index (PSEi) dominated stock market trades on Friday.

Investors bought up shares of AC Energy and Converge ahead of their August 16 debut into the PSEi, and sold shares of DMCI and Emperador, the two companies that are exiting it.

Due to the downturn of DMCI and Emperador, the market barometer lost 7.36 points or 0.11% to close on Friday at 6,539.91.

For the week, the PSEi gained a total of 269.68 points or 4.3% as investors picked up oversold stocks, however, the market appears to have gone cold thanks to the reinstating of ECQ.

Renewable energy firm AC Energy (ACEN), the most actively traded company, gained 4.69%. Fast-growing fiber internet provider Converge, the second most actively traded company, rallied by 11.51%. ACEN and Converge ended the week with a respective market capitalization of ₱334 billion and ₱179.9 billion, thanks to Friday’s run-up. On the other hand, DMCI fell by 6.0% while Emperador fell by 8.85%.

“Philippine shares juggled for most of the trading session as fund managers began positioning ahead of the rebalancing which would take effect by the end of next week,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Meanwhile, the industrial, holding firm, mining/oil, and property counters all fell on Friday.

SOURCE: Inquirer