Bargain-hunting lifts market; PSEi up 0.58%
The local stock barometer climbed back to the 7,700 mark on Friday as the previous day’s bloodbath attracted bargain-hunting, mostly among domestic investors.
The main-share Philippine Stock Exchange index (PSEi) recouped 44.48 points or 0.58 percent to close at 7,726.72.
Elsewhere in the region, stock markets were mostly lower, tracking lackluster US markets.
For the week, the PSEi lost a total of 173.26 points or 2.2 percent as investors priced in “economic overheating” risks.
“Without a clear break above 7,900 in this fashion, the PSEi still remains vulnerable to sudden downside moves,” Papa Securities analyst Gio Perez said in a research note.
Sentiment remained weak among foreign investors, which were still in a net selling position amounting to P381.2 million for the day.
The market was led higher by the property counter, which added 1.47 percent, while the industrial, holding firm and services counters all picked up.
The financial and mining/oil counters both declined.
Total value turnover for the day amounted to P6.72 billion.
There were 120 advancers that edged out 83 decliners while 41 stocks were unchanged.
Ayala Land Inc., Jollibee and Megaworld all gained by over 2 percent while PLDT, JG Summit, Ayala Corp. and Security Bank all added more than 1 percent.
BDO, SM Investments, SM Prime and Puregold posted modest gains.
Outside of PSEi stocks, notable gainers included Megawide, which rose by 3.7 percent. Megawide’s fourth quarter results had outperformed expectations.
On the other hand, AGI lost 2.67 percent, while Metrobank and GT Capital both slipped.
One notable decliner outside the PSEi was Vitarich, which slid by 12.22 percent.
