August 27, 2021 | 12:00am
MANILA, Philippines — The main index ended basically flat yesterday, brushing off an upbeat Wall Street lead, as the Delta coronavirus variant’s spread darkened the regional mood.
The benchmark Philippine Stock Exchange index (PSEi) closed at 6,820.53, down by a mere 1.62 points or 0.02 percent.
The broader All Shares index, on the other hand, gained 6.49 points or 0.15 percent to finish at 4,205.00.
“The local market whipsawed between gains and losses for the session before closing slightly lower. Telcos were the top index gainers and the most traded stocks for the day,” AB Capital Securities said in a commentary.
Total value turnover reached a sizable P9.058 billion. Market breadth was negative, 102 to 94, while 53 issues were unchanged. Net foreign buying persisted for the fourth straight session with P190 million.
“The PSEi ended flat despite another incredible day for blue chip telco issues, Globe and PLDT. The double-digit percentage gains in telco issues were not enough to carry the entire index higher because of its smaller weighting. Telco valuations are finally reflecting the fact that it was the strongest sector and benefited from lockdowns and work-from-home structures as margins on mobile and home internet are greater than corporate lines,” said Chris Mangun of AAA Southeast Equities
Shares of Ayala-led Globe Telecom Inc. closed at P2,948 yesterday, up 13.38 percent after hitting a high of P2,994.
Pangilinan-led PLDT, meanwhile, finished at P1,449, up 7.73 percent or near its 52-week high of P1,487.