PSEI dodges regional tumble, moves closer to record high

The stock barometer firmed up for the fourth straight session on Friday on month-end window dressing activities and as the second quarter corporate earnings reporting season begins.

The main-share Philippine Stock Exchange index (PSEi) added 35.69 points or 0.32 percent to close at 8,071.47, bucking the downturn seen across regional markets.

The index has now moved closer to the all-time high finish of 8,127.48 seen on April 10, 2015.

“Philippine markets ended the week on a higher note due to early window dressing, speculation on second quarter earnings, and amid mixed results from US markets,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

US stocks slightly dipped from its record high as earnings were released and tech stocks disappointed investors.

The PSEi was led higher by the financial, holding firm, services and property counters. The industrial and mining/oil counters slipped.

Value turnover for the day amounted to P6.42 billion. There was net foreign buying worth P632.4 million.

There were 119 advancers that edged out 88 decliners, while 42 stocks were unchanged.

Investors picked up shares of BDO, DMCI, SM Prime, Jollibee and ICTSI, all of which rose by over 1 percent.

SM Investments, URC, Security Bank, PLDT and Metro Pacific also contributed to the day’s gains.

Megaworld and Semirara both fell by over 1 percent. Ayala Land, Ayala Corp., Meralco and Metrobank also slipped.

Outside of PSEi stocks, shares of Cemex continued to fall after announcing a sharp decline in second quarter earnings. Its shares fell by 4.6 percent.

Bloomberry and Century Pacific also slipped.

For the week, the PSEi gained a total of 81.74 points or 1 percent.

Since the start of the year, the PSEi has gained a total of 1,230.83 points or 17.99 percent.