PSEi up as regional, US markets recover

The local stock barometer firmed up on Thursday ahead of a long weekend break as investors rode on the upbeat US and regional markets while digesting recent earnings reports.

The main-share Philippine Stock Exchange index (PSEi) added 14.33 points, or 0.17 percent, to close at 8,612.44.

The stock market will be closed today, Feb. 16, in celebration of the Lunar New Year.

During the four-day trading week, the PSEi recouped 108.75 points, or 1.3 percent, as US stock markets bounced from last week’s bloodbath.

The PSEi was led higher on Friday by holding firms and the mining/oil counters, which respectively rose by 1 percent and 1.81 percent.

The industrial counter slightly gained while the financial, services and property counters all slipped.

Value turnover stood at P10.67 billion. Foreigners were net sellers, with their transactions amounting to P373.42 million.

Despite the PSEi’s gain, market breadth was negative. There were 147 decliners that overwhelmed 68 advancers, while 42 stocks were unchanged.

The PSEi was lifted by conglomerate Ayala Corp., which surged by 5.29 percent, while Metro Pacific rebounded by 4.46 percent.

Jollibee added 2.52 percent while JG Summit gained 1.34 percent. BPI added 0.84 percent.

Investors focused buying stocks outside the PSEi, particularly PXP Energy, which surged by 39.68 percent. Apex Mining rallied by 18.79 percent while Bloomberry added 1.45 percent.

On the other hand, AGI fell by 5.41 percent while RLC slipped by 3.15 percent.

Megaworld and PLDT Inc. each fell by over 2 percent. BDO and URC both lost by over 1 percent while Metrobank and SM Investments also slipped.

Outside the PSEi, Now Corp. pulled back by 8.63 percent as investors who rode on the third telco play pocketed gains. It was the day’s most actively traded company.