PSEi rises amid holiday hangover

The local bourse began a new business year positively despite trading mostly in the red as investors stayed on the sidelines.

By the closing bell on Thursday, the benchmark Philippine Stock Exchange Index (PSEi) marched closer toward 6,600 after adding 0.33 percent or 21.6 points to 6,550.39.

The broader All Shares Index likewise gained by 0.18 percent or 6.59 points to close at 3,755.1.

A total of 1.11 billion shares worth P3.24 billion changed hands as foreigners made net purchases worth P217.76 million, stock exchange data showed.

Earlier in the day, the PSEi lingered in the red territory. Ron Acoba, chief investment strategist at Trading Edge Consultancy, said that trading may be tepid this week as investors were likely still on vacation.

The local stock barometer went as low as 6,484.57 before settling above 6,500.

Only banks and services companies registered gains among the subsectors, buoyed by index heavyweights International Container Terminal Services Inc. (up 3.37 percent to P399), BDO Unibank Inc. (up 0.35 percent to P144.50) and Metropolitan Bank and Trust Co. (up 2.36 percent to P73.70).

ICTSI was the top-traded stock, followed by SM Investments Corp., flat at P899; BDO; Ayala Land Inc., up 0.76 percent to P26.40; and SM Prime Holdings Inc., down 0.6 percent to P25 per share.

Other actively traded stocks were Dito CME Holdings Corp., which surged 15.85 percent to P1.90; Bank of the Philippine Islands, flat at P122; AREIT Inc., up 1.19 percent to P38.40; and China Banking Corp., up 3.86 percent to P65.95.

Losers edged out gainers, 97 to 94, while 47 companies closed unchanged, stock exchange data also showed.