PHL stocks mostly higher on window dressing
Fund managers on window-dressing mode propped up their positions Wednesday, pushing the main Philippine Stock Exchange index a bit higher in selective trading.
The PSEi advanced by 20.10 points or 0.39 percent to close at 5,195.72.
Over 2.9 billion shares valued at P4.218 billion were traded.
Winners led losers 95 to 65, with 31 issues unchanged.
The market was a creature of window dressing, typically at the end of the month, said trader Ivan Nario of BDO Securities Inc.
“The market is just range trading from a trading band of 5,100 to 5,400,” Nario noted.
Still, many investors took on a “wait and see attitude,” knowing the results of the second quarter GDP is about to be released, said analyst Arlysa Narciso of AB Capital Securities Inc.
Narciso noted the volume – although slightly higher than Tuesday’s value turnover – was “heavily concentrated on stocks such as PLDT, Ayala Land and MetroBank.” — VS, GMA News
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