Local investors lift main stock index above 7,800

The local stock barometer climbed to the 7,800 level on Monday, tracking a regional upswing backed by optimism on warmer diplomatic relations between North and South Korea.

The main-share Philippine Stock Exchange index (PSEi) gained 98.23 points or 1.27 percent to close at 7,819.25 albeit in thin trading volume.

Local investors kept the main index afloat as foreign investors remained net sellers, resulting in a net foreign outflow of P605.44 million from the local market.

Trading was boosted by optimism on the historic Korean summit, which rekindled friendship between the two Koreas, said veteran stockbroker and Eagle Equities president Joseph Roxas.

All counters ended higher. Value turnover was relatively thin at P6.4 billion.

There were 130 advancers that edged out 84 decliners while 45 stocks were unchanged.

The PSEi was led higher by Metro Pacific, which rebounded by 5.81 percent after taking a beating in previous days.

Conglomerate SM Invest ments gained 3.3 percent while property arm SM Prime added 1.03 percent. The SM Group has proposed to double its reclamation project in Pasay and Parañaque to 1,200 hectares, creating a new urban hub bigger than Mandaluyong City. With additional 600 hectares sought to be reclaimed along Manila Bay, the bigger project is estimated to cost P150 billion.