Stock index retests 8,200 | Inquirer Business

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.

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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.

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

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

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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.

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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.

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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