AP file Photo/Aaron Favila
THE LOCAL stock barometer firmed up on Monday as investors loaded up on property stocks ahead of US Federal Reserve chair Janet Yellen’s closely watched speech at Jackson Hole.
The Philippine Stock Exchange index added 50.46 points or 0.64 percent to close at 7,981.21.
Elsewhere in the region, stock markets were mostly cautious ahead of this week’s US Fed gathering in Jackson Hole, Wyoming where clues are keenly awaited on whether US interest rates will raised.
“Recent market price action suggests that nervousness about Fed policy may persist ahead of the Jackson Hole symposium at the end of this week…With markets pricing almost even odds for another Fed hike this year, and given the retreat in the dollar and the rally in risky and emerging markets, this allows investors to once again ponder their portfolio exposure in the backdrop of subtle shifts in Fed messaging,” Citigroup said in a research note on Monday.
“Even though we remain bullish EM (emerging markets), we believe that in the short run investors may more readily consider taking profits on their long EM positions rather than add to them,” the research note said.
At the local market, the day’s gains were led by property stocks, which rose by 1.11 percent. The financial, holding firms, services and mining/oil counters also contributed gains.
Only the industrial counter slipped for the day.
Value turnover was thin at P6.3 billion. There were 107 advancers that edged out 84 decliners while 50 stocks were unchanged.
The PSEi was led higher by Megaworld which rose by 3.28 percent while SM Prime – the day’s most actively traded stock – gained 1.22 percent.
SMIC, Semirara and JG Summit also both gained 1 percent.
On the other hand, AC, ALI, AEV, GCAP and MPI also firmed up.
Outside the PSEi, the notable gainers included Vitarich, Cirtek and Cebu Air which respectively rose by 8.48 percent, 3.28 percent and 2.46 percent.
On the other hand, URC, ICTSI, DMCI and Metrobank all slipped by less than 1 percent. Outside the PSEi, Security Bank also declined by 0.93 percent.