Local stocks rallied to a new record high on selective buying on Thursday, overcoming a rough start and bucking a regional downturn.
The main-share Philippine Stock Exchange index gained 18.84 points, or 0.28 percent, to close at 6,667.41. This marked its 20th record finish for this year.
The day’s rally was led by SMDC (+7.57 percent) and Jollibee (+5.93 percent).
SMDC and parent firm SMIC (+1.59 percent) rose as the market digested the impact of a property consolidation mulled by the group of Henry Sy.
AEV, ALI, RLC, MWC, BPI, BDO and PLDT also contributed to the day’s gains.
The market started the day in negative territory, reflecting cautious sentiment across the region due to talks that a big hedge fund was pulling out of commodities investing, along with reports that the US Federal Reserve may slow down its bond buyback program.
Despite the overall index gain, buying was very selective. As such, the day’s 59 advancers were outnumbered by 117 decliners, while 38 stocks were unchanged.
Value turnover amounted to P10.8 billion.—Doris C. Dumlao