SHARE prices continued their upward trend, closing higher for the second straight day on Wednesday, with the main index closing above the 7,400-point level, its highest close in one month, despite lackluster trading.
The benchmark Philippine Stock Exchange index (PSEi) gained 69.69 points to close at 7,451.37 points.
It was another lackluster trading as value of trade only reached P4.25 billion on 1.23 billion shares traded.
“Value turnover remained weak once more, ahead of earnings season and the Sona [State of the Nation Address] on Monday. Regional news pushed the PSEi, however, as activity focused on the dovish statement from [US Federal Reserve Chairman] Jerome Powell and strong US macro data,” Luis Limlingan, research head at Regina Capital and Development Corp., said.
Foreign investors, however, were net buyers at P203.73 million.
Gainers led losers 108 to 76, and 52 shares were unchanged. All other subindices managed to close on the green, led by the All Shares index that gained 27.13 to 4,492.51. The Financials index rose 11.77 to 1,834.97, the Industrial index climbed P35 to 10,550.49, the Holding Firms index added 77.06 to 7,307.31 and the Property index was up 48.83 to 3,644.98.
Lender Metropolitan Bank and Trust Co. was the day’s top traded, but it lost P0.25 to P69.75. Ayala Land Inc. gained P1.10 to P38.50, SM Investments Corp. rose P10 to P910, Megawide Construction Corp. lost P1.20 or 6 percent to P17, Ayala Corp. climbed P26 to P979 and SSI Group Inc. added P0.17 or 9 percent to P1.98.