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Manila Bulletin devider Business devider PSEI up on blue chip gains

PSEI up on blue chip gains

Published Nov 22, 2022 04:09 pm

The PSEi rose after a brief respite yesterday on the back of foreign buying in blue chips.

The main index added 26.41 points or 0.41 percent to close at 6,429.65 as sectoral indices were evenly mixed. Volume declined to 525 million shares worth P5.39 billion as losers beat gainers 117 to 78 with 41 unchanged.

PSE

“Philippine shares resumed their buying with volumes continuing to pick up, and with investors seeking refuge against China reinstating pandemic restrictions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “China saw its first deaths in the mainland from Covid since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.“

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up, pushed by the gain of the index heavyweights, particularly SM Investments Corp. and SM Prime Holdings, Inc. Also, net foreign buying helped lift the index.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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