PH Stocks Reclaim Foothold at 7000
Manila—(PHStocks)—Philippine stocks recovered their losses from profit taking as investors retook positions to take advantage of higher yields. The benchmark Philippine Stock Exchange (PSE) index regained its footing at the 6,700 level, closing the trading day on Friday, 26 April, at 7,025.44 – up by 0.43%.
All counters were back in the green, led by the Services sector, which gained 0.93%. The Mining and Oil sector increased by 0.56%, while the Holding Firms sector edged higher by 0.43%. The wider All Shares index, on the other hand, edged higher by 0.46%.
Trading was heavy, with value turnover reaching PhP10.23 billion and trading volume hitting 5.88 billion. There were 97 gainers against 69 losers, while 46 stocks remained flat.
The following are the most active stocks in terms of value: Melco Crown (Philippines) Resorts Corporation (PSE: MCP), Alliance Global Group Inc. (PSE: AGI), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Ayala Land Inc. (PSE: ALI), Alcorn Gold Resources Corporation (PSE: APM).
The top gainers for the day are as follows:
- Boulevard Holdings Inc. (PSE: BHI): PhP0.179, +15.48%
- GLOBALPORT 900 Inc. (PSE: PORT): PhP14.48, +13.30%
- Splash Corporation (PSE: SPH): PhP2.00, +9.29%
- Yehey! Corporation (PSE: YEHEY): PhP1.49, +7.19%
- Premiere Horizon Alliance Corporation (PSE: PHA): PhP0.36, +5.88%
- Prime Media Holdings Inc. (PSE: PRIM): PhP2.07, +5.61%
- RFM Corporation (PSE: RFM): PhP5.59, +5.47%
- DFNN Inc. (PSE: DFNN): PhP4.64, +5.45%
- IP E-Game Ventures Inc. (PSE: EG): PhP0.022, +4.76%
- Megawide Construction Corporation (PSE: MWIDE): PhP20.95, +4.75%
The top losers, meanwhile, are below:
- iRipple Inc. (PSE: RPL): PhP8.30, -7.78%
- Filipino Fund Inc. (PSE: FFI): PhP18.70, -5.94%
- Phoenix Petroleum Philippines Inc. (PSE: PNX): PhP8.90, -5.72%
- Pancake House Inc. (PSE: PCKH): PhP11.50, -4.49%
- Oriental Petroleum and Minerals Corporation “B” (PSE: OPMB): PhP0.022, -4.35%
- Alcorn Gold Resources Corporation (PSE: APM): PhP0.171, -3.93%
- SPC Power Corporation (PSE: SPC): PhP5.00, -3.66%
- Highlands Prime Inc. (PSE: HP): PhP2.45, -3.54%
- Zeus Holdings Inc. (PSE: ZHI): PhP0.445, -3.26%
- Chemrez Technologies Inc. (PSE: COAT): PhP2.98, -3.25%
Indeed, stock market Philippines is still on a bull run. Many says that this will not last but the PSEi had proven it otherwise. What’s next after hitting 7,000? 8,000 probably by the end of the year?
Exactly. 8000 is, I believe, being conservative about it. I strongly believe we will be able to hit 8,500 by the end of the year — that is, barring any unforeseen major geopolitical events. But fundamentally speaking, more than 8000 is not impossible.