Local stocks close higher, outperform regional markets

The local stock barometer rebounded sharply in thin post-Christmas holiday trade on Tuesday, outperforming regional markets on a mix of bargain-hunting and yearend window-dressing activities.

The Philippine Stock Exchange index gained 94.53 points or 1.44 percent to close at 6,658.20 while regional markets were mixed.

The day’s gains were led by the industrial counter, which rose by 2.29 percent.

The holding firm and property counters likewise gained by over 1 percent.

Only the mining/oil counter ended lower.

Value turnover was thin at P3.28 billion as many investors were on a long holiday break.  There was modest net foreign selling of P80 million for the day.

There were 90 advancers that edged out 78 decliners while 57 stocks were unchanged.

The PSEi was led by MPI, which surged by 6.5 percent.  The infrastructure holding firm confirmed news about a prospective deal for a tollway project in Kuala Lumpur.

URC was also up by a hefty 4.67 percent while parent conglomerate JG Summit rose by 3.03 percent.

The group obtained approval from the Board of Investments on its planned expansion of the petrochemical businesses.

SM Prime was likewise up by 3.33 percent while BDO and Meralco both advanced by over 2 percent.

SM Investments rose by 1.96 percent.

Ayala Land, Metrobank, GT Capital and Aboitiz Equity all firmed up.

Outside the PSEi, one notable gainer was Harbor Star Shipping, which surged by 15.09 percent.

The company will be tapped as a barge provider at ICTSI’s Cavite Gateway Terminal, which will be constructed in Tanza, Cavite. This is projected to be operational by the fourth quarter of 2017.

The CGT is identified as a priority project of the Department of Transportation and is supported by the Philippine Economic Zone Authority.

Meanwhile,  Security Bank fell by 2.75 percent while First Gen also slipped by 1.8 percent.  Megaworld likewise declined.