Stocks end higher on local buying

The local stock barometer gained on Tuesday as local investors made up for sluggish foreign investor appetite.

The main-share Philippine Stock Exchange index (PSEi) gained 49.6 points or 0.63 percent to close at 7,881.82 as equities across emerging markets stabilized after the heavy beating arising from the sharp decline of the Argentinian peso and the Turkish lira.

At the local market, all counters gained as the PSEi’s ability to stay above the 7,800 mark since last week emboldened some investors.  However, gains were capped by some caution ahead of the Philippine inflation report that is coming out today.

Market consensus expects the August year-on-year inflation rate to have picked up pace to 5.9 percent from 5.7 percent in July.

On Tuesday, the PSEi was led higher by the mining/oil counter, which racked up 1.08 percent. Others rose at a more modest pace.

Value turnover for the day amounted to P5.94 billion. There was net foreign selling amounting to P257.56 million for the day.

There were 101 advancers that edged out 87 decliners while 52 stocks were unchanged.

Conglomerates AGI, San Miguel and GT Capital boosted the PSEi as all of them advanced by more than 2 percent.

ICTSI, Jollibee, Metro Pacific and URC all added over 1 percent.

BDO Unibank, Ayala Land, SM Prime, SM Investments, Ayala Corp., RLC and JG Summit all modestly firmed up.

One notable gainer outside the PSEi basket was boutique property developer Italpinas Development Corp., which surged by 15.99 percent.

On the other hand, Security Bank and BPI both declined.

Outside the PSEi, Megawide and Pilipinas Shell both slipped while MRC Allied tumbled by 4.35 percent.