Stocks end four-day slide on local buying
The local stock barometer firmed up slightly on Wednesday, halting a four-day decline, as domestic investors made up for the slack in foreign appetite.
The main-share Philippine Stock Exchange index (PSEi) added 13.14 points or 0.18 percent to close at 7,540.92 even as P645.47 million worth of foreign money flowed out of the market as investors weighed risks of contagion from Turkey alongside the latest stream of second-quarter local corporate performance reports.
The PSEi was shored up by the financial counter, which rose by 1 percent, while the industrial and holding firm counters also firmed up.
On the other hand, the mining/oil counter slipped by 1.55 percent, while the services and property counters ended flat.
Value turnover for the day amounted to P5.12 billion. There were 113 advancers that edged out 91 decliners, while 60 stocks were unchanged.
Globe Telecom, the day’s most actively traded company, rose by 3.23 percent, while conglomerate San Miguel gained 2.96 percent along with its consumer subsidiary San Miguel Food and Beverage, which added 3.86 percent.
Ayala Land and BDO Unibank both gained more than 1 percent, while Puregold, Ayala Corp., SM Investments, Metrobank and Jollibee also ended higher.
Outside of PSEi stocks, notable gainers included MRSGI and Megawide, which advanced by 5.07 percent and 2.73 percent, respectively. DoubleDragon inched up by 0.5 percent.
On the other hand, shares of GT Capital fell by 4.66 percent as six-month earnings dipped by 1 percent year-on-year due to slower automotive business.
SM Prime tumbled by 1.79 percent while PLDT also faltered by 1.03 percent.
Notable decliners outside the PSEi included Bloomberry, which shed 3.39 percent, while Alliance Select lost 4.76 percent.
