Local stocks track regional rally

The local stock barometer firmed up closer to the 8,500 mark in thin trade after the Christmas holidays.

Tracking mostly upbeat regional markets, the main-share Philippine Stock Exchange index (PSEi) added 58.6 points or 0.7 percent to close at 8,490.91. Selective buying of large-cap stocks perked up the main index.

Across the region, sentiment was lifted by an upswing in metal prices, in turn seen as an indicator of favorable global growth. Elsewhere in the region, the trading week—shortened by the Christmas break—saw muted trading activities.

All counters ended higher, led by the property counter, which rose by 1.19 percent.

Value turnover was thin at around P3.6 billion as many investors were still on holiday. After the Christmas break, another long holiday is coming in celebration of the New Year turnover.

Market breadth was neutral as there were nearly as much decliners (104) as advancers (103).

The PSEi was led higher by BDO, URC, Ayala Land, SM Prime, Ayala Corp. and Metrobank, which all gained more than 1 percent.

SM Investments, GT Capital, Jollibee, Metro Pacific, PLDT, Megaworld and Semirara also contributed gains.

Outside of the PSEi, one notable gainer was boutique property developer Italpinas whose shares surged by 49.87 percent.

It was earlier reported that Italpinas was expecting to spend around P2 billion to fund various developments in the next two years. To accelerate its expansion program, it may raise funds by bringing in strategic investors, offering preferred shares or other debt paper.

On the other hand, Globe Telecom fell by 2.91 percent while JG Summit slipped by 1.08 percent.