July 22, 2018, 11:45 pm
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PH, Asean stocks up

Share prices ended mixed yesterday as investors took to cherry-picking after recent drops.

Shares touched a near one-month high before closing 16.85 points higher.

The Philippine Stock Exchange index (PSEi) ended at 7,350.58, a 0.23 percent hike. 

The broader all shares index was up 7.19 points to 4,455.20, a 0.16 percent hike. 

Losers edged gainers 106 to 84 with 46 stocks unchanged. 

Trading turnover reached P5.53 billion. 

Gio Perez, trader at Papa Securities Corp., said the index started strong in the morning session before selling in the afternoon cut its gains. 

“Other bourses in the region ended in the green as well despite the weakness that US markets encountered (Wednesday)  night from renewed trade war tensions,” Perez said. 

“While the PSEi ended above its recent high, it might be too soon to be overly optimistic as the index still closed at practically the same level,” he added. 

Perez said  trading volume remains light at P5.5 billion, noting  a breakout needs “a large accompanying volume.” 

“Lastly, foreign selling continues to be present as today’s NFS (net foreign selling) figure of P262.8 million was higher than yesterday’s P84.6 million,” he said. 

“In terms of technicals, the PSEi is already overbought as shown by its stochastics indicator,” Perez added. 

The stochastic indicator measure movement of share prices tracking its momentum to go up or down based on its closing price in relation to a range of its prices over a period of time.

Most actively traded Metropolitan Bank and Trust Co. was up P1.20 to P70.30. Jollibee Foods Corp. was up P2.60 to P249.80. Transpacific Broadband Group International Inc. was up P0.62 to P37.50. Ayala Land Inc. was up P0.20 to P37.50. Ayala Corp. was up P28 to P966. Bank of the Philippine Islands was up P1.90 to P96. SM Investments Corp. was down P7.50 to P909. 

Most Southeast Asian stock markets edged higher with Indonesia extending gains for a fourth session.

Indonesian shares climbed for a fourth consecutive session, up 0.6 percent.

The index of the country’s 45 most liquid stocks climbed 0.6 percent.

Singapore stocks inched 0.3 percent higher. 

Thai shares gained 0.5 percent, with gains in materials stocks outweighing strong losses in the energy sector.

Malaysian shares gained 0.4 percent, climbing for a fourth consecutive session.

Vietnam stocks slipped to their lowest in nearly eight months, but recouped the losses and were trading marginally higher. – Reuters 
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