The local stock barometer retested the 8,100 level on Thursday ahead of a much-awaited monetary setting by the Bangko Sentral ng Pilipinas.
The Philippine Stock Exchange index (PSEi) added 41.85 points, or 0.52 percent, to close at 8,100.30 on continued flow of foreign funds, which selectively gobbled up large-cap stocks.
In line with market consensus expectations, the BSP kept its key interest rates steady.
“Philippine shares to remain upbeat amid lower inflation,” local stock brokerage Papa Securities said.
“Expect continued foreign flows to push the index at the 8,200-8250 range in the near-term,” the brokerage said.
Given the market’s gains since the start of the year, Papa Securities said there was a “case to cash in from the rally.”
The PSEi was led by holding firms, which rose by 1.06 percent, while the financial, mining/oil and property counters also inched up.
On the other hand, the industrial and services counters slipped.
Total value turnover for the day amounted to P7.42 billion. Foreign investors remained net buyers, resulting in a net inflow of P610.58 million for the day.
There were 115 decliners that edged out 96 advancers, while 47 stocks were unchanged.
On the other hand, the industrial and services counters dipped.
Value turnover for the day amounted to P7.42 billion.
Despite the PSEi’s gain, market breadth was negative. There were 115 decliners that edged out 96 advancers while 47 stocks were unchanged.
The PSEi was lifted by SM Investments, which gained 2.04 percent. Ayala Land, ICTSI, BDO, Ayala Corp., SM Prime, Jollibee, Metrobank and Puregold all gained.
Outside of PSEi stocks, notable gainers included PHA, which surged by 8.73 percent.
PNB gained 4.81 percent, while Greenergy added 3.62 percent.
On the other hand, GT Capital fell by 2.57 percent, while URC lost 1.34 percent.
Megaworld and PLDT both slipped.
One notable decliner outside the PSEi was Vista Land, which fell by 1.12 percent and was the most actively traded company for the day.
ISM also declined by 2.82 percent.