PSE index stays above 8,000, defies regional slump

The local stock barometer stabilized above the 8,000 mark on Tuesday, defying the slump across most regional markets on selective buying of large-cap stocks.

Reversing early losses, the main-share Philippine Stock Exchange index (PSEi) added 9.27 points or 0.12 percent to close at 8,048.72.

Elsewhere in the region, stock markets were mostly lower, tracking the overnight decline in Wall Street.

The PSEi was led higher by the holding firm and mining/oil counters, which both advanced by over 1 percent.

The services and property counters also firmed up.

On the other hand, the financial counter declined by 1.13 percent while the industrial counter also fell by 0.9 percent.

Value turnover amounted to P6.11 billion.

Local investors supported the day’s gains as foreign investors were still net sellers amounting to P238.61 million.

Despite the PSEi’s gain, market breadth was negative as 104 decliners outnumbered 98 advancers while 45 stocks were unchanged.

The PSEi was led higher by SM Investments, which gained 3.17 percent, while Globe Telecom advanced by 2.71 percent.

Ayala Land and LT Group both gained over 1 percent while BDO, PLDT and AGI all firmed up.

Outside of PSEi stocks, notable gainers included PXP, which gained 5.44 percent. LR added 1.13 percent.

On the other hand, Security Bank and BPI both declined by over 2 percent while Jollibee and URC fell by over 1 percent.

Ayala Corp., SM Prime, JG Summit and Metrobank also slipped.