PSE index bucks region’s decline, closes higher at 7,227.96

The local stock barometer started the week on a hopeful note, albeit in thin trade, bucking mostly sluggish regional markets on the back of domestic buying.

The main-share Philippine Stock Exchange index (PSEi) yesterday added 34.28 points or 0.48 percent to close at 7,227.96, firming up for the second straight session.

Elsewhere in the region, stock markets were mostly weaker as oil prices faltered.

The market is looking forward to the country’s latest inflation data this Thursday, July 5.

“With the BSP (Bangko Sentral ng Pilipinas)’s previous hike driven by inflation, Thursday’s figure will surely play a heavy hand on the MB (BSP policy-making body)’s next meeting on Aug. 9,” Papa Securities said.

Yesterday, the PSEi was shored up by the financial, holding firm, services, mining/oil and property counters.

Only the industrial counter ended lower.

Value turnover was thin at P4.8 billion.

There was net foreign selling amounting to P457.75 million.

There were 116 advancers that outnumbered 94 decliners while 40 stocks were unchanged.

The PSEi was led by conglomerates SM Investments and GT Capital, which both gained over 2 percent.

Ayala Land, LTG, BDO, URC, ICTSI, Metro Pacific, PLDT and Metrobank also contributed to the PSEi’s gains.

Outside of the PSEi, notable gainers included IRC, which surged by 17.27 percent in relatively heavy volume.

IRC earlier obtained original proponent status on an intra-city subway system development venture with the Makati city government.

Philippine H20 Ventures, tagged as Davao-based businessman Dennis Uy’s backdoor listing vehicle for his casino projects, jumped by 4.26 percent.

On the other hand, Jollibee and BPI both slipped by over 1 percent, while SM Prime, Meralco and Ayala also slipped.

ISM fell by 3.03 percent while newly listed DM Wenceslao dropped by another 1.17 percent.