Stocks extend recovery despite lingering global woes

The benchmark Philippine Stock Exchange index (PSEi) managed to recover yesterday despite lingering global uncertainties.

The PSEi soared 133.09 points, or 1.77 percent, to finish at 7,630.26 while the broader All-Shares index gained 50.43 points or 1.09 percent to finish at 4,638.72.

Most counters ended in positive territory especially the holding firms index which gained a whopping 234.07 points, or 3.19 percent, to end at 7,563.60.

Total value turnover reached P5.557 billion, still thin but market breadth was positive, 101 to 89 while 46 issues were left unchanged.

Commenting on yesterday’s session, Gio Perez of Papa Securities said “Despite the negativity from US markets last night from the US imposing steel and aluminum tariffs on the EU, Canada and Mexico, the index traded in the green the entire day and finished with a 133-point gain to close at 7,630.26. Net foreign selling was even at P303.8 million today which makes this gain all the more surprising. Could it be that investors were only waiting for the uncertainty that went with MSCI’s implementation to clear?”

In terms of specific issues, Aboitiz Equity Ventures (AEV) was the clear winner yesterday as it was bought up at the close to finish with a nine percent gain, the highest in the index.

On the other hand, Gokongwei-led Robinsons Land Corp. had the biggest decline with a six percent loss as investors took profits after gaining 10 percent on Thursday.

Year to date net foreign selling has so far reached P47.2 billion.