PSEi hits new highs but trims gains

Riding on upbeat regional markets, the local stock barometer retested the 8,900 mark and touched new intra-day highs on Tuesday before trimming gains at close.

The main-share Philippine Stock Exchange index (PSEi) added 7.41 points or 0.08 percent to close at 8,865.13. Tracking mostly upbeat regional markets, the PSEi hit a new record high of 8,969.18 in intra-day trade before profit-taking pared gains for the day.

Elsewhere in the region, stock markets traded mostly higher as favorable prospects on the global economy buoyed risk-taking.

At the local market, the PSEi was led higher by the mining/oil counter, which rose by 2.33 percent. The industrial counter increased by 1.53 percent, while the services and property counters also contributed gains.

The financial and holding firm counters, on the other hand, both slipped.

Value turnover for the day amounted to P7.41 billion. Foreign investors were net buyers amounting to P698.8 million.

There were 108 advancers that slightly edged out 102 decliners while 61 stocks were unchanged.

Jollibee led the PSEi higher with its 5.23-percent jump. Joseph Roxas, president of Eagle Equities Inc., said this consumer-focused company would be a direct beneficiary of the recent tax reform program that puts more money into people’s pockets.

Megaworld and PLDT both advanced by over 2 percent.

LT Group, URC and Metro Pacific all added over 1 percent while Ayala Land, SM Investments, Security Bank and AEV also contributed gains.

Outside of the main index, notable gainers included PXP, which surged by 14.77 percent.

Meanwhile, Ayala Corp. fell by 3.04 percent, while ICTSI and JG Summit both lost over 2 percent. BDO and BPI shed over 1 percent.

SM Prime and GT Capital also slipped.