The local stock barometer yesterday posted modest gains as domestic investors made up for the lack of foreign investor appetite.
The main-share Philippine Stock Exchange index rose 8.59 points or 0.12 percent to close at 7,332.59, bucking mostly lower regional markets.
“The Philippine stock market had another flat trading performance with US stocks closing narrowly mixed as the Dow lost ground for the ninth day in 10 (days) and the Nasdaq climbed for a fourth consecutive session,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Investors are also seen closely monitoring the US Federal Reserve’s next policy move.
The day’s modest gains were led by the industrial counter, which gained 1.09 percent while the holding firm, services and mining/oil counters also firmed up.
The cyclical financial and property counters slipped.
Value turnover for the day amounted to P7.64 billion. Foreigners were net sellers amounting to P180 million.
Market breadth was neutral, with 91 advancers nearly matching 92 decliners while 49 stocks were unchanged.
Investors picked up shares of Jollibee, which gained another 3.46 percent on upbeat earnings prospects for the first quarter, while ICTSI and Metrobank both gained over 2 percent.
EDC rose by 1.16 percent while SM Investments, Ayala Land, Metro Pacific, Semirara, URC, JG Summit and BPI all firmed up.
Outside of the PSEi, one notable gainer was Megawide, which rose by 4.59 percent.
On the other hand, Megaworld lost 3.42 percent while BDO, DMCI and PLDT all declined by over 1 percent. SM Prime, GT Capital and Security Bank likewise dipped.