“Technicals for the PSEi point to a potential move to the 5,400 level, or the index’s low late-April, especially after runaway breakdown gap,” Papa Securities said.
All counters ended higher, led by the mining/oil sub-index which rose by 4.03 percent, while the financial, industrial, services and property counters all added over 1 percent. Total value turnover for the day amounted to P5.74 billion. Domestic hands kept the market afloat as there was P837.2 million net foreign selling for the day.Investors picked up shares of Gokongwei-led Universal Robina Corp. , which rose by 4.4 percent and became the most actively traded company in the market. Robust consumption of snackfoods, noodles, powered drinks and other food ingredients by locked-down households boosted URC’s second quarter net profit by 76 percent year-on-year to P3.
Megaworld rose by 3.1 percent while Ayala land, BDO, Puregold and Metro Pacific all rose by over 2 percent. PLDT and ICTSI both gained over 1 percent while SM Investments, Ayala Corp. and JG Summit all rose by less than 1 percent. —
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