The local stock barometer gained modestly Monday on improved investor sentiment even as most other markets in the region were weighed down by sluggish data out of China and Japan.
The Philippine Stock Exchange index (PSEi) added 5.4 points or 0.08 percent to close at 6,487.23 as most counters eked out gains except for the property sub-index.
Value turnover for the day thinned to P6.2 billion. Despite the gain posted by the main index, market breadth was negative with 90 decliners edging out 57 advancers while 45 stocks were unchanged.
Foreign flows were still in favor of the Philippines with offshore investors still in a net buying position of about P600 million.
The main index was perked up by Metro Pacific Investments Corp. and Semirara Mining, which both gained more than 2 percent while PLDT, ICTSI, Metrobank, Aboitiz Power and BDO also contributed to the day’s gains.
On the other hand, the following index stocks succumbed to profit-taking: Universal Robina Corp., Ayala Land, JG Summit, SM Prime, Alliance Global Inc. and Megaworld.
Across the region, risk appetite was low on a downward revision in Japan’s gross domestic product growth alongside weaker-than-estimated Chinese trade and inflation data. Doris C. Dumlao