Market hits new high
Local stocks on Thursday ended with modest gains to post a new high for the 32nd time this year, its winning streak extended by month-end window-dressing activities.
After a rough sailing for most of the session, the Philippine Stock Exchange index closed 6.73 points or 0.12 percent up hitting a new high finish of 5,640.45. A new all-time intra-day high of 5,650.10 was likewise hit.
The market was on a profit-taking mode, trading in negative territory for most of the day. However, selective buying, which dealers said
were related to window-dressing, allowed the index to close on a positive note.
Despite the overall index gain, the advancers (65) were outnumbered by the decliners (103), indicating that the market run-up for the session was anchored on selective buying. Value turnover was heavy at P11 billion.
Trading was mixed across counters, with property (+1.56 percent) leading the day’s climb and holding firms and services contributing as well. On the other hand, the decline in the financial (-1.29 percent) and mining/oil (-1.6 percent) counters tempered the PSEi’s late-session rebound. The industrial counter was also lower.
The biggest contributors to the PSEi’s gains were SMIC (+4.09 percent), DMCI (+3.89 percent), SM Prime (+2.91 percent), ALI (+2.56 percent), Megaworld (+1.62 percent), ICTSI (+1.43 percent) and Aboitiz Power (+1.14 percent).
Posting the biggest decline were BPI (-5.37 percent), JGS (-2.97 percent), FGEN (-2.95 percent), MPI (-2.67 percent), SMDC (-2.03 percent), URC (-1.28 percent) and AC (-1.19 percent).
BPI succumbed to profit-taking as the market mulls whether it could close a deal to take over Philippine National Bank soon. BDO and Metrobank posted modest gains. Doris C. Dumlao
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94