PSEi gains 0.59%, closes at 8,238.15

The local stock barometer firmed up above 8,200 on Friday as the recent market pullback attracted some bargain-hunting among local investors who picked up stocks dumped by foreign players.

After a sluggish start, the main-share Philippine Stock Exchange index (PSEi) gained 48.14 points or 0.59 percent to close at 8,238.15 on selective buying of large cap stocks.

For the week, the PSEi lost 134.36 points or 1.6 percent.

The industrial and property counters perked up the main index, both rising by over 1 percent. The holding firm and services counters also firmed up.

On the other hand, the mining/oil counter declined by 1.58 percent while the financial counter slipped by 0.12 percent.

Value turnover for the day was heavy at P19.7 billion while net foreign selling was likewise large at P2.52 billion.

Despite the PSEi’s rebound, market breadth was negative. There were 139 decliners that edged out 75 advancers while 42 stocks were unchanged.

Jollibee led the main index higher with its 7.54 percent gain.

Investors also picked up shares of SM Investments, URC and Security Bank, which all advanced by over 2 percent.

Ayala Land, Meralco and Globe all added over 1 percent while JG Summit, BDO and ICTSI also firmed up.

Outside of the PSEi, notable gainers included leading convenience store operator Philippine Seven, which gained 0.85 percent in heavy trade.

On the other hand, investors dumped shares of AEV, which slid by 5.01 percent while Metrobank fell by 3.54 percent. RRHI also declined by 2.87 percent.

Ayala Corp. and PLDT both lost over 1 percent, while GT Capital also slipped.