Stock index remains above 7,800

The local stock barometer stayed above 7,800 on Friday, wiping out early losses in the last trading day of August as window-dressing activities trumped US-China trade jitters.

After nursing losses for most of the session, the main-share Philippine Stock Exchange index (PSEi) ended 2.55 points, or 0.03 percent up at 7,855.71 on Friday.

For the four-day trading week, the PSEi gained a total of 89.24 points, or 1.1 percent. The index managed to close above the crucial 7,800 mark in all trading sessions this week.

Dealers said the last-minute buying on Friday was driven by month-end window-dressing activities.

The PSEi was shored up by the modest gains of the holding firm and services counters.

The industrial, mining/oil and property counters remained in the doldrums.

Total value turnover for the day hit P8.02 billion.

Despite the PSEi’s modest gain, market breadth was negative, indicating selective buying. There were 107 decliners that outnumbered 91 advancers, while 46 stocks were unchanged.

Conglomerates AGI and Ayala Corp. led the PSEi higher, both rising by more than 1 percent.

SM Prime, BDO, Jollibee, Globe Telecom and AEV all contributed modest gains.

Outside of the PSEi, one notable gainer was San Miguel Food and Beverage, which rose 5.32 percent. The company is set to embark on a landmark share sale.

Bloomberry also gained 3.13 percent.

Megaworld fell by 2.13 percent, while Metrobank lost 1.21 percent.

Ayala Land, URC, Metro Pacific, Meralco, PLDT, Semirara and San Miguel Corp. slipped.