PSEi retests 8,500

The local stock barometer firmed up above the 8,500 mark on Thursday, tracking mostly firmer regional markets in muted trade ahead of the New Year holiday break.

The main-share Philippine Stock Exchange index added 44.18 points or 0.52 percent to close at a new record finish of 8,535,09 at the penultimate trading session for 2017.

“Both Philippine and US stocks finished higher on their last trading sessions as window-dressing is now underway. The Philippines broke ground as it zoomed past the 8,500 level, while succumbing to some resistance as it tried to reach a new all-time high,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

The main index hit an all-time high of 8,605.15 in intra-day trade last Nov. 3.

The PSEi was led higher by the financial and mining/oil counters, which both rose by over 1 percent. The industrial, services and property counters also contributed modest gains.

Bucking the day’s upswing, the holding firm counter slipped.

Value turnover for the day stood at P6.4 billion. There were slightly more advancers (107) than decliners (105).

The PSEi was boosted by Metrobank, which rose by 3.94 percent, while Jollibee gained 2.09 percent.

Ayala Land, BDO, Semirara and URC all added over 1 percent while GT Capital, BPI, JG Summit, Meralco and Metro Pacific also contributed modest gains.

Outside of the PSEi, among the notable gainers was Italpinas, which added 1.2 percent in relatively heavy volume.

On the other hand, SM Investments, SM Prime and Ayala Corp. all slipped.

Non-PSEi stocks D&L and Phoenix also slipped in relatively heavy trade.