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Last-minute buying slightly buoys market

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Last-minute buying slightly buoys market

Last-minute buying prompted the main index to end in the positive territory, albeit almost unmoved, and maintained its position in the 6,800 level on Tuesday.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.06 percent or 4.33 points to its intraday high of 6,814.67, while broader All Shares shed 0.33 percent or 13.51 points to finish at 4,141.72.

AAA Equities head of research Christopher Mangun said last-minute buying enabled the local bourse to end the session with slight gains despite the losses during early trading.

The market opened at 6,808.13 and fell to its intraday low of 6,736.42.

Most local sectors were in the red with the mining and oil losing the most at 1.24 percent, while the holding firms rallied at 1.14 percent.

Mangun said investors returned to “diversified portfolio trade” after the government’s announcement that the Philippines will not be placed under most lenient modified general community quarantine (MGCQ).

Presidential spokesman Harry Roque Jr. on Monday announced that President Rodrigo Duterte said the entire country will not be placed under MGCQ unless the vaccine rollout has begun.

“From a technical standpoint, the man index bounced off its 100-day moving average support today after dipping below it for the first time since it successfully broke above it back in the middle of October 2020,” Mangun continued.

He noted that sentiment is still cautious as most investors were expecting a pick up in the economy’s recovery after restrictions were eased.

“We may not see a lot of downside from current levels, although it may also be a while before it sees a sustainable rally,” Mangun added.

Total volume turnover was at 25.51 billion shares valued at P10.67 billion.
Decliners edged out gainers, 171 to 64, while 37 securities were unchanged.