The local stock barometer climbed for an eighth straight session yesterday, defying mostly sluggish trading in the region, on upbeat prospects for the Philippine economy and corporate earnings.
Recovering from some profit-taking in early trade, the Philippine Stock Exchange index (PSEi) advanced by 21.45 points or 0.35 percent to close at 6,191.50.
Across the region, equities were mostly lackluster on a weaker manufacturing gauge out of China.
“The market is really strong. Many were waiting to get in so when prices went down a bit, they rushed to get in,” said Joseph Roxas, president of local stockbrokerage Eagle Equities Inc.
Roxas said the renewed interest was also buoyed by expectations that the Philippines would be an outperformer in the region.
The PSEi’s rise was led by the holding firms and mining/oil counters, which both gained more than 1 percent, while the property sub-index also firmed up. On the other hand, the financial, industrial and services counters were down.
Value turnover for the day amounted to P7.3 billion. Despite the overall index gain, there were slightly more decliners (79) than advancers (76) while 43 stocks were unchanged.
The day’s upswing was led by Metro Pacific Investments, which gained 4.71 percent. BDO, SM Prime, DMCI and Ayala Corp. advanced by more than 2 percent. SMIC and URC were both up by over 1 percent while AGI, ICTSI, GTCAP and JG Summit also contributed to the day’s gains.
On the other hand, there was profit-taking on Metrobank, PLDT, Globe, JFC, BPI, Megaworld, LT Group and Aboitiz Equity Ventures. Doris C. Dumlao