Local stock price index ends slightly higher despite foreign selling

The local stock barometer firmed up slightly yesterday as domestic investors picked up shares when the index neared the 7,700 barrier.

Reversing losses in morning trade and eventually tracking the overnight rebound in Wall Street, the main-share Philippine Stock Exchange index (PSEi) added 9.93 points or 0.13 percent to close at 7,767.62 on selective buying.

For the week, the PSEi lost 43.25 points or 0.5 percent from last Friday’s closing of 7,724.37 due to escalating political jitters in the US and the lower-than-expected Philippine gross domestic product (GDP) growth rate of 6.4 percent year-on-year in the first quarter.

Market consensus expected a Philippine GDP growth rate of at least 6.7 percent for the quarter.

Yesterday, the day’s gains were led by the industrial and services counters while the holding firm, mining/oil and property counters slipped.

Value turnover for the day stood at P5.97 billion. Local investors supported the PSEi’s slight rebound as foreign investors were net sellers to the tune of P559.48 million.

There were 108 advancers that beat 73 decliners while 58 stocks were unchanged.

The PSEi was led higher by Petron Corp., which rose by 2.69 percent on expectations of higher earnings and following its inclusion in the MSCI global small cap index.

International Container Terminal Services Inc., Jollibee and Metro Pacific all gained more than 1 percent while Universal Robina Corp., GT Capital, BDO Unibank, JG Summit, Alliance Global Group Inc. and Metrobank also contributed gains.

Outside of the PSEi, one notable gainer was Melco Crown, which rose by 3.66 percent. The operator of City of Dreams Manila has swung to profitability in the first quarter of the year on higher gaming bets and higher winning rate.

Meanwhile, the PSEi was led lower by Ayala Land, SM Prime, Semirara, LT Group, Security Bank and Ayala Corp.

LT Group slipped by 0.55 percent after President Duterte signed an executive order setting strict rules on smoking in public areas.