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PSEi achieves gains despite overseas sales

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MANILA, Philippines — The stock market opened the week on a positive note with the benchmark Philippine Stock Exchange Composite Index (PSEi) closing up 18.27 points, or 0.29%, at 6,183.62.

The broader All Shares index rose 8.34 points or 0.25% to close at 3,348.46.

AB Capital Securities said the PSE index continued its modest recovery yesterday even as foreign capital outflows continued as concerns over rising inflation and a weak peso persisted.

Foreigners were net sellers yesterday with net outflows amounting to P613.26 million.

Sector gauges were mixed, with financials, holdings and industrial counters closing in positive territory while mining and oil, real estate and services ended in the red.

Total turnover in value was slim at 3.8 billion pesos. Market breadth was negative with 111 losers versus 69 winners, while 50 issues were unchanged.

Active shares were led by telecommunications giant PLDT which closed at P1,729 per share, up 3.53%; followed by Converge ICT which rose 5.01% to reach 22 pesos per share; BDO which ended at 115.50 pesos per share, up 3.30%; SM Prime Holdings, which fell 0.69% to close at 36.05 pesos per share; SM Investments Corp. which closed at P800 per share and Ayala Land Inc which fell 1.15% to close at P25.70 per share.

Newly listed CTS Global said that as part of its post-IPO expansion, the company will venture into the Indonesian stock market with an initial disbursement of funds into Bank Central Asia (BCA) Indonesia.

This is one of CTS Global’s strategies to achieve its long-term goal of earning more revenue from global trade. For the first quarter of 2022, 43% of total proprietary trading revenue came from global markets.

“CTS’ long-term goal is to derive 75% of its revenue from global markets. We have world-class traders who are more than capable and now that we have capital in our arsenal, it’s time to expand into markets like Indonesia,” said Lawrence Lee, CEO of CTS Global.

Sources

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2/ https://www.philstar.com/business/2022/07/05/2193019/psei-ekes-out-gains-despite-foreign-selling

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