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Bargain hunting lifts PSE index

/ 05:11 AM December 06, 2017

The local stock barometer firmed up above the 8,100 level on Tuesday as investors picked up bargains after a five-day sell down.

The Philippine Stock Exchange index recouped 60.55 points, or 0.75 percent, to close at 8,145. Elsewhere in the region, stock markets traded with mixed sentiment as investors tracked the US tax legislation and the negotiations for “Brexit,” or Great Britain’s exit from the European Union.

The PSEi hit a low of 8,085.44 but ended close to the intraday high at 8,149.22, as some investors found an opportunity to reenter the market after several days of decline.

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The 8,000 level thus remains a formidable support.

Value turnover for the day amounted to P7.81 billion. The index found support mostly from domestic investors while foreign investors remained net sellers, resulting in an outflow of P127.02 million for the day.

There were 102 advancers that edged out 97 decliners while 49 stocks were unchanged.

The main index was led higher by SM Prime, BPI and Puregold, which all advanced by over 2 percent.

Ayala Corp., Ayala Land and GT Capital all added over 1 percent while SM Investments, BDO, AGI and Jollibee also firmed up.

Outside of the PSEi, notable gainers included Harbor Star, which added 10 percent.

Cemex also gained 6.44 percent while RCBC added 5.56 percent.

On the other hand, Security Bank shed 1.66 percent while Metrobank, Meralco and Megaworld all slipped.

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Outside the PSEi, Macroasia fell by 1.69 percent.

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TAGS: Business, Local Stock
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