PSEi gains as Dennis Uy’s ISM continues to sizzle

The local stock barometer ended a tad higher on Thursday, drawing strength from regional markets to stay afloat at the 7,000 mark.

The main-share Philippine Stock Exchange index (PSEi) added 1.78 points or 0.03 percent to close at 7,035.71, reversing intraday losses on selective buying of large-cap stocks.

Trading in the stock market was sluggish earlier in the day but eventually ended higher. The broader market remained in the doldrums. There were 132 decliners that edged out 70 advancers, while 50 stocks were unchanged.

Local investors kept the main index afloat as there was P668.3 million in net foreign selling for the day.

The PSEi was shored up by the financial, industrial and property counters. The mining/oil counter and services both slumped.

Investors continued to dump shares of telcos PLDT and Globe, now that a provisional third player has been named. Globe fell by 5.05 percent, PLDT lost 2.89 percent.

ISM, a holding firm of Davao-based businessman Dennis Uy, proponent of the consortium that will build the third telco, continued to sizzle. It gained 13.51 percent and was the day’s most actively traded company. Uy’s other affiliate companies fell on profit-taking.