Philippine Stocks Pick Up Reversing 3-day Loss Streak

Philippine stocks posted gains on Monday as a result of investors picking up bargains. After three days of decline, the Philippine Stock Exchange index (PSEi) closed at 6,389.38 reporting a rise of 11.31 points or 0.17%.

“The market reversed earlier losses on last-minute buying, snapping its three-day [loss] streak,” said Lance Soledad, Junior Equity Analyst at AB Capital Securities, Inc.

Regardless, trading “remained anemic” according to Japhet Louis Tantiangco, Senior Research Analyst at Philstocks Financial, Inc.

“Many investors stayed outside of the market amid the lingering uncertainties,” Tantiangco said in a separate message. “In particular, investors are waiting for the government’s decision on the country’s quarantine measures after April 30.”

The Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) is set to decide on new quarantine restrictions this week said Presidential Spokesperson Harry Roque on Sunday.

On Monday, the majority of sectoral indices closed in the green. Industrials, on the other hand, slumped by 0.17% or 14.94 points, and holding firms lost 0.1% or 6.92 points ending at 6,441.63.

Mining and oil went up to 9,059.48 after increasing by 3.8% or 331.71 points; financials ended at 1,399.65 as it went up by 1.12% or 15.63 points; property improved by 0.29% or 9.10 points to close at 3,117.61; services gained 0.01% or 0.14 points to close at 1,436.13.

42 names closed unchanged, while advancers were outnumbered by decliners, 87 versus 116.

Net foreign selling dropped to ₱700.13 million on Monday from ₱1.31 billion that was reported in the previous trading day.

Source: Business World