Share prices ended mixed Tuesday in late-session buying, helping the market to stay in the green despite the report the economy contracted for the fifth consecutive quarter.
The Philippine Stock Exchange index (PSEi) was up 9.42 points to 6,326.83, a 0.15 percent hike.
The broader all shares index was up 1.25 points to 3,907.96, a 0.03 percent hike.
Market breadth, however, was negative with losers edging gainers 122 to 82 with 43 stocks unchanged. Trading turnover reached P4.64 billion.
The peso closed 47.81 to the dollar, up from 47.865.
The currency opened at 47.90 and hit a high of 47.81 and a low of 47.92. Trading turnover reached $837 million.
Following the opening bell, the government reported the economy posted its fifth consecutive contraction in the first quarter at 4.2 percent, higher than a Reuters’ poll median estimate of 3 percent.
SB Equities Inc. said the market closed up despite the contraction as it expects the Bangko Sentral ng Pilipinas to keep interest rates at record lows when it meets Wednesday.
Foreign funds were a net seller of P347.88 million, continuously selling local shares for 28 consecutive sessions.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors were also focusing on the rebalancing of the MSCI, and more earnings releases this week.
Most actively traded International Container Terminal Services Inc. was down P1.20 to P140. Ayala Land Inc. was up P0.05 to P32.25. BDO Unibank Inc. was up P0.50 to P106.
AC Energy Corp. was up P0.14 to P7.32. SM Investments Corp. was up P1. to P940. Dito CME Holdings Inc. was down P0.16 to P9.50. Aboitiz Power Corp. was up P0.35 to P23.70.
PLDT Inc. was up P29 to P1,264. Ayala Corp. was up P7 to P740. Megaworld Corp. was down P0.07 to P2.98.
