PSEi up as market tracks regional rally

The local stock barometer firmed up ahead of the long Christmas break, tracking buoyant regional markets after the United States passed a much-awaited tax cut legislation.

Reversing early losses, the main-share Philippine Stock Exchange index (PSEi) added 54.03 points or 0.65 percent to close at 8,432.31 on Friday.

For the penultimate trading week of 2017, the main index added a total of 95.27 points or 1.1 percent. It has risen by a total of 1,591.67 points or 23.3 percent since the start of the year.

The day’s upswing was led by the mining/oil counter, which rose by 1.65 percent. The financial, holding firm, services and property subindices also gained ground.

Only the industrial counter ended slightly down.

Value turnover was relatively heavy at P10.15 billion due to a P6.76-billion block trade on construction and engineering firm Megawide. About 377.75 million shares changed hands at P17.88 a share.

There were 108 advancers that edged out 96 decliners while 40 stocks were unchanged.

Investors picked up shares of BDO, which rose by 2.33 percent, while SM Investments added 1.34 percent.

Ayala Land, Ayala Corp., SM Prime and BPI also gained.

Outside of the PSEi, notable gainers included technology firm Xurpas, which added 8.73 percent, while Cebu Air and FLI both added more than 2 percent.

On the other hand, Meralco fell by 1.29 percent. The Office of the Ombudsman suspended four commissioners of the Energy Regulatory Commission for allegedly allowing irregularities in the power supply procurement of electric utilities such as Meralco.

Jollibee, GT Capital, ICTSI, Metro Pacific, URC and Megaworld also declined.

Outside of PSEi stocks, one notable decliner was cement-maker Eagle Cement, which declined by 1.91 percent.

Elsewhere in the region, stock markets were mostly higher. Apart from the newly legislated US tax reform program, investors were emboldened by upbeat data on the US economy.