Friday rally fails to buttress PSEi’s winning streak

The local stock barometer snapped out of a three-day downturn on Friday, firming up above the 8,800 barrier.

On a weekly basis, however, it marked the end of 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 on mixed sentiments.

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

Local stock brokerage Papa Securities said the PSEi’s support level at 8,720 seemed to be holding up. “It may pay off to take profits in the meantime as the market still seems undecided on where to go …”

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. Local investors supported the market as there was P978.26 million in net foreign selling for the day.

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, Megaworld, 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 was diversifying into the mass housing business and would be renamed Golden Bria Holdings Inc., gained 35.16 percent.

IMI, which would embark 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.

Security Bank and Metro Pacific bucked the day’s upswing.

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