The local stock barometer flirted with the 8,100 level in intra-day trade on Monday but trimmed gains at the close as local investors pocketed gains.
The main-share Philippine Stock Exchange index (PSEi) added 0.72 points or 0.009 percent to close at 8,053.92.
It hit an intra-day high of 8,143.61 but ended closer to the day’s low.
Local stock brokerage Papa Securities said there was “a lot of hesitation near the 8,100, especially with last Friday’s intraday high which easily lost momentum after a few minutes early in the morning.”
“Oil remains a big overhang especially with January inflation coming up on Feb. 6. Problems in Venezuela leading to potentially higher oil prices once again leave little excitement ahead. A break above the $55 per barrel level has next resistance at the $60/barrel area,” the brokerage said.
Even as domestic investors locked up gains on Monday, the PSEi stayed afloat the 8,000 mark as some P2.27 billion in net inflow poured into local equities for the day.
The PSEi was led by the services counter, which surged by 1.93 percent. The financial and mining/oil counters also gained.
On the other hand, the industrial, holding firm and property counters declined.
Value turnover for the day amounted to P9.13 billion.
The PSEi’s meager gain was buoyed by selective buying.
On the other hand, there were 108 decliners that edged out 102 advancers, while 44 stocks were unchanged.
The PSEi was buoyed by PLDT, which surged by 4.29 percent as investors factored in further delays in the rollout of the third telco business by the Mislatel consortium.
Retailer Puregold also gained 2.45 percent, while BDO, ICTSI, BPI, Globe, GT Capital and RRHI all gained over 1 percent.
One notable gainer outside the PSEi was Premier Horizon, which surged by 29.52 percent. It was the day’s most actively traded company.
Ayala Corp., SM Prime and Metrobank also contributed modest gains.
On the other hand, Jollibee fell by over 2 percent, while SM Investments, Metro Pacific, SMC and JG Summit all declined by over 1 percent.
Ayala Land and URC also slipped.