PSEi wins vs Super Thursday threats as market ends close to 8,000
The country’s stock barometer firmed up on Friday, supported by the inflow of foreign funds amid generally buoyant regional markets.
The main-share Philippine Stock Exchange index (PSEi) gained 31.61 points or 0.4 percent to close at 7,990.24.
“The local market continued to buy up after nerves were calmed following Super Thursday,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The “Super Thursday” referred to the triple threat from the UK general elections, the European Central Bank’s (ECB) monetary policy and ex-Federal Bureau of Investigation (FBI) director James Comey’s Congressional testimony that US president Donald Trump had asked him to terminate an investigation against a former aide.
All eyes were glued to their television sets as Comey clarified what transpired during his meetings with Trump prior to his removal as FBI director. Analysts believed the incident was an attempt to influence a broader probe on links to Russia.
“Comey refused to say whether he believed the president himself colluded with Russian officials to meddle in the 2016 election, offering to speak about it privately with lawmakers. He provided some statements that could help the White House, including that Trump himself was not under investigation as of May 9, when Comey was fired, and that Comey was never explicitly asked by Trump or his aides to stop the FBI investigation into Russian meddling in the 2016 election,” Limlingan said.
On the ECB meeting, Limlingan noted risks to the region’s economic outlook were now “broadly balanced.”
UK’s snap elections, meanwhile, saw Tories losing their grip on the majority and possibly their hand in the Brexit process.
Jose Mari Lacson, head of research at ATR Asset Management, said there was still no fundamental reason for the PSEi to revisit the all time high of 8,100.
The day’s gains were led by the financial, holding firm, services and property counters while the industrial and mining/oil counters slipped.
Value turnover for the day amounted to P8.11 billion. Market breadth was positive as there were 96 advancers that edged out 85 decliners; while 54 stocks were unchanged.
Foreign investors were net buyers, with transactions amounting to P881.95 million.
Among the notable PSEi gainers was AEV, which rose by 3.51 percent.
DMCI advanced by 2.11 percent, while ICTSI and SM Prime both gained over 1 percent.
URC, MPI, PLDT, SM Investments and BDO also firmed up.
Shares of AC, Meralco, Megaworld and Security Bank meanwhile slipped.—WITH A REPORT FROM ODELINNE LINA
