PSEi rebounds after 3-day downturn

The local stock barometer snapped out of a three-day decline on Friday, firming up above the 8,800 barrier but on a weekly basis, it ended an eight-week winning streak.

The main-share Philippine Stock Exchange index (PSEi) recouped 72.03 points or 0.82 percent to close at 8,810.75 while regional markets traded with mixed sentiment.

On a weekly basis, the PSEi lost 230.45 points or 2.55 percent for the week. The market has so far peaked at 9,078.37 in intra-day trade on Monday (Jan. 26).

The PSEi’s support level at 8,720 seems to be holding up, local stock brokerage Papa Securities said.

“Looking forward, it may pay off to take profits in the meantime as the market still seems undecided on where to go..” the brokerage house said.

On Friday, all counters ended higher, led by the industrial, holding firm and mining/oil counters which all added over 1 percent.

Value turnover for the day stood at P7.85 billion.

There were 123 advancers that edged out 72 decliners while 58 stocks were unchanged.

The PSEi was led higher by SMC, which rose by 2.9 percent on upbeat prospects for the consolidation of its food and beverage businesses under Purefoods.

Jollibee and AGI both added over 2 percent while SM Prime, Ayala Land, Semirara, Mehaworld, Ayala Corp. and URC all rose by over 1 percent.

SM Investments and BDO also firmed up slightly.

As investors pocketed gains from large-cap stocks, some sought refuge in companies outside the PSEi.

Golden Haven – which is diversifying into the mass housing business and will soon be renamed Golden Bria Holdings Inc. – gained 35.16 percent.

IMI, which is embarking on a P5-billion stock rights offering, gained 6.64 percent, while TBGI advanced by 5.26 percent. Harbor Star gained 2.48 percent while MacroAsia added 0.64 percent.

On the other hand, Security Bank and Metro Pacific bucked the day’s upswing.

Vista Land declined by 2.9 percent after a rapid rise in earlier days.