Stocks end higher
The local stock barometer gained slightly on Monday, perked up by the latest rebalancing of closely tracked FTSE indices alongside upbeat regional markets.
The main-share Philippine Stock Exchange index (PSEi) added 62.44 points or 0.79 percent to close at 7,971.33 on selective buying of large-cap stocks, particularly JG Summit and San Miguel Corp., which were included in the rebalancing of FTSE Global Equity Index, FTSE All World and FTSE All-Cap indices.
JG Summit and San Miguel Corp. both gained more than 7 percent and were among the most actively traded companies yesterday.
Outside the PSEi, one notable gainer was San Miguel Food and Beverage (FB), which surged by 8.59 percent likewise due to its inclusion in FTSE Global Equity Index, FTSE All World and FTSE All-Cap indices. The latest FTSE semi-annual review will take effect on March 18.
The PSEi hit an intra-day high of 8,025.21 as fresh optimism on US-China trade talks lifted most regional markets .
The index was buoyed by the financial, holding firm and services counters, which all modestly gained.
The industrial, mining/oil and property counters dipped.
Total value turnover amounted to P11.07 billion.
Aside from JG Summit and San Miguel Corp., other top PSEi gainers were ICTSI and RRHI, which both rose more than 2 percent. GT Capital added 1.01 percent while Ayala Land was up slightly.
