PSEi ends 4-day slide on selective bargain-hunting

The local stock barometer edged higher yesterday, tracking mostly firmer regional markets, while investors digested remaining second-quarter corporate earnings results.

Ending a four-day decline, the main-share Philippine Stock Exchange index (PSEi) added 33.69 points or 0.43 percent to close at 7,962.12.

Philippine equities looked to a positive start for the week as bargain-hunters took their cue from Wall Street, said Luis Gerardo Limlingan, managing director at Regina Capital Development. “But as expected, it was a muted bounce, given tension between US and North Korea is still escalated,” he said.

Wall Street edged higher on Friday as investors bought into oversold sectors and IT sector was the main beneficiary while the softer US inflation data also presented a perfect scenario for risky assets as an interest rate increase seemed muted for now.

At the local market, all counters ended higher but the property counter was the biggest gainer at 1.06 percent.

Value turnover amounted to P5.11 billion. There were 106 advancers that edged out 96 decliners while 47 stocks were unchanged.

Jollibee and Semirara both rose by more than 2 percent while Megaworld, GT Capital, Security Bank, DMCI and SM Prime added 1 percent.

Ayala Land, Metrobank, JG Summit and AGI also contributed to the PSE’s gains.

Notable gainers outside the PSEi included Bloomberry—the day’s most actively traded stock—which surged by 10.44 percent. Bloomberry reported strong earnings in the second quarter.

Retailers Wilcon Depot and RRHI also gained by 3 percent and 2.49 percent, respectively.

On the other hand, PLDT, URC, Puregold and BDO all slipped.

Across the region, stock markets were mostly firmer as the selloff arising from US-North Korea jitters waned.

Over the weekend, there were statements from U.S. officials that a military confrontation with North Korea was not imminent but the possibility of this tension erupting into a full-blown war was not ruled out.