Market on the prowl, settles near 8,600

Tracking the rebound of US markets, the country’s stock barometer reversed early losses to make a decent footing near the 8,600 level on Wednesday.

The main-share Philippine Stock Exchange index (PSEi) rose by 27.97 points or 0.33 percent to close at 8,598.11 on selective buying of large cap stocks.

The PSEi gathered steam, thanks to the property counter, which rose by 1.23 percent, while the financial, holding firm, services and mining/oil counters also firmed up.

Only the industrial counter slipped.

Value turnover for the day amounted to P8.92 billion.

Despite the PSEi’s gain, market breadth was negative as there were 124 decliners that edged out 85 advancers while 50 stocks were unchanged.

“Most investors remained heartbroken despite the last-minute bargain hunting,” said Astro del Castillo, managing director at fund management firm First Grade Finance.

“Most fund managers are playing safe ahead of the US inflation report which could possibly trigger faster rate hikes. Despite the volatility, we are still recommending to market players to move forward and accumulate select stocks given that the only way to cure a broken heart with the market is to fall in love with it again,” Del Castillo said.

The PSEi was lifted by Ayala Land, which rose by 3.2 percent after posting a 21-percent growth in 2017 net profit. Parent conglomerate Ayala Corp. also rose by 1.96 percent.

BDO advanced by 2 percent while AEV added 1.42 percent.

Jollibee and SM Investments also contributed to the day’s gains.

Outside the PSEi, a market favorite was Now, which surged by 49 percent and was the most actively traded company for the day, still due to its potential as a third telco.

City of Dreams Manila operator Melco Resorts rose by 4.5 percent while Bloomberry also added 3.76 percent.