Stock index posts modest gain

The local stock barometer yesterday ended slightly higher in muted trading ahead of the Christmas holiday break.

Shaking off early losses, the main-share Philippine Stock Exchange index added 15.67 points or 0.19 percent to close at 8,378.28 on selective buying of large-cap stocks.

Elsewhere in the region, trading sentiment was mixed after the United States passed a much-debated tax legislation.

At the local market, many investors were already in holiday mode ahead of the long weekend break.

The index, however, was shored up by some P1.86 billion in net foreign buying.

The day’s gains were led by the financial, industrial, holding firms and property counters. On the other hand, the services and mining/oil counters slipped.

Value turnover for the day amounted to P6.3 billion, buoyed by a P2.13-billion block sale on Phoenix Petroleum.

Despite the PSEi’s gain, there were slightly more decliners (104) than advancers (101) while 41 stocks were unchanged.

The PSEi was lifted by Megaworld and Jollibee, which both added over 1 percent, while Metro Pacific, URC, Security Bank, BPI, SM Prime and Metrobank also gained.

Semirara fell by 2.7 percent while BDO, Ayala Land, Ayala Corp. and PLDT also slipped.