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Stock index retests 8,200

/ 05:18 AM September 21, 2017

The local stock barometer retested the 8,200 mark yesterday on selective buying of large-cap stocks as investors took their cue from upbeat trading in Wall Street.

The main-share Philippine Stock Exchange index (PSEi) gained 56.62 points or 0.69 percent to close at 8,219.32, moving closer to its all-time high.

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On Sept. 18, the PSEi posted a new record-high closing and intra-day peak of 8,294.14.

The day’s gains were led by the holding firm and property counters, which both advanced by more than 1 percent. The industrial and services counters also firmed up.

On the other hand, the financial and mining/oil counters slipped.

Total value turnover for the day amounted to P7 billion. Foreign investors were net buyers amounting to P380.42 million.

Market breadth was neutral, with advancers (107) only almost the same in number as the decliners (106).

AGI led the PSEi’s surge after announcing a P5-billion stock buyback program while property arm Megaworld rose by 2.12 percent.

Ayala Land, SM Prime, Metro Pacific, Robinsons Land and GT Capital all gained more than 1 percent while BDO, Ayala Corp., Security Bank, ICTSI and URC also contributed gains.

Beyond PSEi stocks, investors also gobbled up shares of Bloomberry (+4.72 percent); Century Pacific (+0.12 percent), IMI (+5.08 percent) and MacroAsia (+7.32 percent), which all gained in heavy volume.

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On the other hand, shares of Jollibee, BPI and Metrobank slipped.

Jollibee has confirmed its interest to buy UK sandwich chain Pret a Manger. With an estimated value of $1 billion based on a Reuters report, a prospective acquisition is seen to increase the company’s debt stock. —DORIS DUMLAO-ABADILLA

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi), Wall Street
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