PSEi hits 8,000 in intraday trade

The local stock barometer retested the 8,000 level in intra-day trade for the first time this year as stimulus hopes drowned out jitters over Brexit (Britain’s exit from the European Union).

The Philippine Stock Exchange index (PSEi) hit an intraday high of 8,005.73 before paring gains and closing at 7,944.02, the highest seen this year. The index gained a modest  0.08 percent.

Outside the PSEi, Philex Petroleum (PXP) surged by 14.47 percent in heavy volume, benefiting from the UN tribunal’s favorable ruling on the Philippines’ maritime rights in the West Philippine Sea. PXP operates service contract (SC) 72 in the Recto Bank area, offshore west Palawan, which was subject of the international maritime issues.

The last time the PSEi probed the 8,000 level was in April 14, 2015 when the index closed at 8,056.49.

Net foreign buying amounting to P2.5 billion perked up the market. There were 102 advancers, 87 decliners and 57 unchanged stocks. Doris Dumlao-Abadilla