The local stock barometer firmed up Friday alongside mostly buoyant regional markets as investors welcomed cues from major central banks to counter shockwaves from “Brexit,” or Britain’s decision to leave the European Union.
Swinging back to positive territory after Thursday’s roller coaster ride, the main-share Philippine Stock Exchange index (PSEi) gained 34.10 points or 0.44 percent to close at 7,830.35.
In most stock markets across the region, investors took heart from the Bank of England’s hint of an interest rate cut ahead. The European Central Bank is likewise seen considering to ease rules on bond purchases to ensure sufficient financial liquidity.
These accommodative policies are seen to counter the economic slowdown that Britain and EU are expected to face once Britain leaves the EU, which is expected to happen in two years.
At the local market, the day’s gains were supported by modest gains made by the financial, industrial, holding firm, mining/oil and property counters. Only the services counter ended lower.
Value turnover for the day amounted to P11.16 billion. There were 100 advancers that edged out 83 decliners while 51 stocks were unchanged. Foreign investors continued to be
in a net buying position, resulting in P1.96 billion in net inflows to the stock market for the day.
Shares of SMIC rose 2.38 percent while SM Prime, Jollibee, GTCAP, BDO, Meralco and BPI all gained more than 1 percent. ALI also contributed to the day’s gains. Outside of the PSEi, the notable gainers included NOW, which surged 11.72 percent while retailer MRSGI rose by 2.48 percent. Doris Dumlao-Abadilla