Market closes up 0.34%

The local stock barometer reversed early losses to end slightly higher yesterday, tracking mostly firmer US and regional markets.

The main-share Philippine Stock Exchange index (PSEi) gained 28.03 points or 0.34 percent to close at 8,295.95, supported by domestic buying.

For the week, the PSEi pulled back by a total of 125 points or 1.5 percent as investors awaited more news flow from the third quarter corporate earnings season that has already started.

Value turnover was thin at P4.6 billion. Foreigners were net sellers, resulting in outflows amounting to P531.73 million.

Except for the holding firms counter which was slightly down, all counters firmed up.

Market breadth was neutral. There were just as many advancers as decliners (95) while 46 stocks were unchanged.

AGI led the market higher with its 4.47-percent gain while BDO, Metrobank and DMCI added over 2 percent.

Ayala Land, Ayala Corp., Meralco and Puregold all rose by over 1 percent.

ICTSI, Metro Pacific and GT Capital also contributed gains.

On the other hand, SM Investments and PLDT both fell by over 1 percent, while Jollibee and SM Prime also slipped.

One notable decliner outside the PSEi was IMI, which lost 5.33 percent.