PSEi takes upbeat US cue

The local stock barometer returned to positive territory on Friday, as optimism on the US economy boosted regional markets.

The main-share Philippine Stock Exchange index added 16.87 points or 0.2 percent to close at 8,310.88.

“Philippine markets returned to the green as US stocks notched new highs, coupled with prospects for solid growth buoyed, while (US Federal Reserve) Fed officials continued to suggest that another rate hike in December is forthcoming,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Limlingan noted that U.S. stock index gains accelerated to new records on Thursday afternoon after the House of Representatives passed a budget resolution, seen as setting the stage for an overhaul of the tax code.

The mining/oil counter outperformed for the day, gaining 2.62 percent while the holding firm counter rose by 0.99 percent.

On the other hand, the financial, industrial, services and property counters slipped.

Total value turnover for the day amounted to P7.34 billion.

There were 99 advancers that beat 96 decliners while 49 stocks were unchanged.

The PSEi was led higher by Ayala Corp. and SM Investments, which both rose by over 1 percent.

Meralco, Jollibee, ICTSI and Metrobank also added modest gains.

Outside of the PSEi, Megawide and Pilipinas Shell both advanced by over 2 percent.

On the other hand, GT Capital fell by 1.54 percent while Ayala Land, SM Prime, BDO, Metro Pacific, Megaworld and Globe also slipped.

Outside of the PSEi, Melco and Bloomberry also respectively declined by 2.98 percent and 3.85 percent.