PSEi ends slightly higher

The local stock barometer firmed up just below the 8,000 mark Monday, drawing strength from regional markets that were buoyed by upbeat US jobs data.

The Philippine Stock Exchange index (PSEi) gained 23.23 points or 0.29 percent to close at 7,993.58.

Across the region, stock markets were lifted by reports that US nonfarm payrolls for July had risen by 255,000 while the June increase was revised upward to 292,000. The data exceeded market expectations.

The PSEi was led higher by the financial, industrial, holding firm and property counters while the services and mining/oil counters slipped.

Value turnover for the day amounted to P6.98 billion.

Despite the PSEi’s slight gain, market breadth was negative as decliners (100) outnumbered advancers (90). There was P260 million in net foreign selling for the day. The market is now on its second week of the so-called “ghost month,” a period when investors typically tend to be more cautious in investing.

Investors picked up shares of Megaworld and Metrobank, which both rose more than 3 percent while AP, BPI, GTCAP, AC, BDO, MPI and SMIC contributed modest gains.

Outside of the PSEi, notable gainers included Cebu Air (+3.39 percent) and DNL (+3.42 percent).

On the other hand, PLDT—the day’s most actively traded stock—fell by 1.91 percent while rival Globe slipped by 0.89 percent. It was reported on Monday that the government was open to allowing a third telecom player to set up shop in the country.

ALI and AEV likewise slipped.

Outside the PSEi, Security Bank fell by 1.79 percent after reporting a 4-percent growth in six-month net profit to P4.9 billion. Doris Dumlao-Abadilla