Local stock market closes higher

MANILA, Philippines—Majority of Philippine stocks were modestly higher on Friday with selective stock-picking allowing the main index to hold against mostly sluggish regional equities trading.

The main-share Philippine Stock Exchange index recouped 8.23 points or 0.13 percent to close at 6.521.64 on Friday. For the week, the index had a modest 62.97 points or 0.01 percent gain.

On Friday alone, small gains by the financial, industrial and property counters offset the weakness in the holding firm, services and mining/oil counters.

In general, gains were backed by optimism over the unfolding fourth quarter corporate earnings reporting season but these have been tempered by the recent MSCI rebalancing and the recent accident at a Semirara coal mine in Antique.

The PSEi bounced from the previous day’s correction on the back of gains eked out by SMDC (+8.01 percent), Megaworld (+3.66 percent), Ayala Corp. (+2.38 percent), SMC (+1.8 percent), Belle (+1.54 percent) and Petron (+1.09 percent).  MWC and banking stocks BDO, BPI and Metrobank also contributed to the day’s gains.

On the other hand, Semirara (-2.45 percent) continued to fall after a mining landslide killed five people and entrapped some other personnel.  Parent DMCI (-1.41 percent) also continued to trade in the red.

Other laggers were FGEN, SMIC, Globe, PLDT, Philex , AGI, URC and MPI.

AGI was reported as one of those that received a reduced weight in MSCI float. Overall, the latest MSCI index review which will take effect at the end of trade on Feb. 28 reduced to 0.981 percent from 1.01 percent.

Turnover for the day amounted to about P9.43 billion.

Advancers (90) slightly outnumbered decliners (84) while 39 stocks were unchanged.