PSEi up on blue chips, BIR collection, institutional buying

Share prices on the Philippine Stock Exchange ended the morning session firm, driven by blue chips and the April collections of the Bureau of Internal Revenue which exceeded the target.

 

"PSEi gains... due primarily to ALI (Ayala Land Inc.), Metrobank, AGI (Alliance Global Group Inc.), SM Prime and Aboitiz Equity," Raul Ruiz, head of research at RCBC Securities Inc., told GMA News Online. 

 

First Grade Holdings Inc. managing director Astro del Castillo said the market also "bounced back" on news of the BIR collection in April.

 

"Some institutions opted to participate in the market but this is still more of consolidation. Better naman 'to before another run up," Del Castillo added.

 

The bellwether PSEi added 29.85 points or 0.41 percent to 7,305.23 at the noon recess.

 

The broader all shares index was up 6.58 points or 0.15 percent to 4,496.42.

 

Sub-indices were mixed with financials, services, and mining and oil in the red while industrial, holding firms, and property were in the green.

 

More than 662.98 million shares valued at P5.55 billion were traded.

 

Decliners beat advancers 90 to 59 while 49 issues were unchanged.

 

"There were much more losers than gainers and turnover was moderate... So, conviction is still lacking in the absence of fresh news," Ruiz said.

 

On Monday, the BIR said it exceeded its targeted revenue collections in April, collecting P148.99 billion in revenues or 4.43 percent over its P142.66-billion goal and 28.20 percent more than the collections in April 2012.  

 

The market is expected to trend "flat unless there's a market moving news," Del Castillo said. — VS, GMA News