Stock index stays above 8,700

The local stock barometer yesterday continued its trek to new highs, firming up above 8,700 on selective buying of large-cap stocks.

Tracking mostly firmer regional markets, the main-share Philippine Stock Exchange index (PSEi) added 15.7 points or 0.18 percent to close at a new record high of 8,739.83.
A new intraday peak of 8,760.26 was likewise hit.

The PSEi was buoyed by the financial, industrial and holding firms.

The services counter, however, fell by 1.12 percent while the mining/oil and property counters also slipped.

Total value turnover for the day amounted to P9.17 billion.

Despite the PSEi’s gain, market breadth was negative. There were 121 decliners, 86 advancers while 47 stocks were unchanged.

Investors loaded up on shares of Metrobank, GT Capital and BPI, which all gained by more than 2 percent.

SM Prime and URC both added more than 1 percent.

SM Investments, Puregold and AGI also contributed gains.

One notable gainer outside the PSEi was Now Corp., which racked up 8.77 percent.

Ayala Land tumbled by 2.75 percent while Security Bank, PLDT and JG Summit all fell by more than 1 percent.

BDO, Jollibee and Megaworld also dipped.—DORIS DUMLAO-ABADILLA