PSEi bucks regional downturn, posts 1.39% gain

The local stock barometer climbed back to the 7,300 level yesterday, bucking the downturn across regional markets albeit in thin trading volume.

The Philippine Stock Exchange index (PSEi) racked up 100.44 points, or 1.39 percent, to close at 7,333.73 as all sectors gained.

With a lack of clear positive catalysts locally, Papa Securities said some positivity from the global front had trickled to the local market, citing the strong performance of the US market overnight.

The Dow Jones Industrial Average gained 143.07 points, or 0.58 percent, to close at 24,919.66 on Wednesday night. The S&P index likewise closed at its highest since Feb. 1 this year.

Papa Securities said PSEi could be quietly making higher lows. “Volume has been low, however, so caution should be the priority until we see a strong break past its recent high 7,348,” the brokerage said.

Value turnover for the day amounted to P5.16 billion. There were 101 advancers that edged out 91 decliners while 41 stocks were unchanged.

The index was supported by holding firms, which rose by 2.06 percent, while the mining/oil and property counters also added over 1 percent.

The financial, industrial and services counters also firmed up.

The PSEi was lifted by index heavyweight SM Investments, which advanced by 4.15 percent, while BPI rose by 3.41 percent.

Ayala Land, PLDT and Semirara all added over 2 percent, while Ayala Corp. and JG Summit gained over 1 percent.

Metrobank, Jollibee, SM Prime, Metro Pacific, RRHI, ICTSI and AEV all firmed up.

One notable gainer outside the PSEi was Cityland, which gained 5.81 percent.

On the other hand, BDO lost 1.15 percent while GT Capital also slipped.

Outside the PSEi, notable decliners included Wellex and Xurpas, which respectively fell by 5.13 percent and 4.56 percent.