PSEi back to 7,700

The local stock barometer climbed back to the 7,700 level on Monday as many investors bet on favorable local corporate earnings for the first quarter.

The main-share Philippine Stock Exchange index gained 42.09 points or 0.55 percent to close at 7,703.10, tracking mostly upbeat regional markets.

“Philippine markets started the month of May on a high note as investors are gearing up for key economic events this week. The market took its cues from the (US) ISM manufacturing reported yesterday; later, the ISM non-manufacturing will be reported on Wednesday, and the employment report comes on Friday,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Limlingan also noted that the May Federal Open Market Committee statement would be released on Wednesday while noting several scheduled speaking engagements by Fed officials this week. Locally, inflation will be out May 5.

Other dealers said optimism on the first quarter reporting season also kept the market buoyant.

The day’s gains were led by the mining/oil and property counters, which were respectively up by 3 percent and 1.43 percent. Only the services counter ended lower.

Value turnover for the day amounted to P7.25 billion. Foreign investors were net buyers in the stock market amounting to P333.14 million.

There were 119 advancers versus 84 decliners while 39 stocks were unchanged.

SM Prime and Puregold led the PSEi higher, respectively rising by 3.02 percent and 3.72 percent.

SM Prime is entering the upscale residential property business, beginning with a P5-billion project in partnership with Federal Land.

Jollibee rose by 2.76 percent while SM Investments, Metro Pacific Investments, Metrobank and Semirara were all up by over 1 percent.

BDO, Ayala Land, URC, Ayala Corp. and Security Bank also contributed to the day’s gains.

On the other hand, AGI fell by 3.24 percent while Globe Telecom and PLDT both slipped by over 1 percent.

GT Capital, JG Summit, ICTSI and BPI also ended lower.