PSEi clings to 8,000 mark

The local stock barometer stayed afloat the 8,000 mark on Wednesday ahead of the release of the country’s second quarter economic scorecard.

The main-share Philippine Stock Exchange index added 37.18 points or 0.46 percent to close at 8,046.59, firming up for the second straight session.

The PSEi is now trading closer to its all-time high finish of 8,127.48 recorded in April 10, 2015.

What it critical for the PSEi to break will be the 8,130 level, said Asiasec Equities chief strategist Manny Cruz.

“Eventually we’ll break it. If GDP (gross domestic product) comes out better than the first quarter, then it will serve as a catalyst to test this level,” Cruz said.

Philippine GDP grew by 6.4 percent in the first quarter. This second quarter, Cruz noted that consensus would be to grow by 6.5 percent.

The government is set to release the second quarter GDP report on Thursday (Aug. 17).

All counters were up but the day’s upswing was led by the mining/oil counter which gained 2.38 percent and the industrial counter which added 1 percent.

Value turnover was heavy at P12.74 billion, including a P6.3-billion Security Bank block sale. Cruz said the transaction was related to the increase in allotment of Security Bank in the MSCI Indices ahead of the effectivity date at the close of Aug, 31.

Market breadth was positive, with 121 advancers edging out 68 decliners while 55 stocks were unchanged.

Jollibee, the day’s most actively traded company, gained 6.22 percent. Cruz said this was due to Jollibee’s robust second quarter results, both for its local and international businesses. The fast-food giant also assured that its operations were not affected by the avian flu outbreak in Pampanga.

Semirara went up by 4.14 percent. Puregold rose by 2.01 percent while Megaworld gained 1.63 percent.

Ayala Land, Ayal Corp., SM Investments Corp., Metrobank, SM Prime, GT Capital, EDC and MPI also firmed up.

Sy family-led SM Investments, the country’s largest conglomerate, hit the P1-trillion market capitalization mark for the first time on Thursday.

On the other hand, Security Bank slipped by 1.16 percent while Meralco also dipped.

Outside of the PSEi, Cebu Air (-0.1 percent) and D&L (-2.52 percent) slipped in heavy trade.