Stock index inches up but still below 8,000 mark

The local stock barometer ended slightly higher on Friday on selective buying of large-cap stocks but it continued to elude the 8,000 level.

The main-share Philippine Stock Exchange index (PSEi) rose by 30.83 points, or 0.39 percent, to close at 7,962.13.

Across the region, sentiment was mixed as investors awaited developments on the closely-watched US-China trade talks.

For the week, the PSEi added 53.24 points, or 0.07 percent. Apart from the recent FTSE rebalancing, investors found little incentive to load up stocks even as the fourth quarter corporate earnings season has started.

Value turnover for the day amounted to P8 billion. Foreigners were net buyers, resulting in a modest net inflow of P17.6 million.

The local market was shored up by the property counter, which added 1.12 percent.

The industrial, holding firm and services subindices also firmed up.

On the other hand, the financial and mining/oil counters slipped.

Despite the PSEi’s rise, market breadth was negative. There were 97 companies whose share prices declined compared to 89 that gained, while 54 had unchanged prices.

The PSEi was shored up by JG Summit and PLDT, which both gained over 3 percent.

San Miguel advanced by 2.58 percent while Ayala Land, SM Prime and Jollibee all went up by over 1 percent.

SM Investments and ICTSI also firmed up.

Outside the PSEi, notable gainers included Vista Land, which surged by 2.88 percent and was the day’s most actively traded company.

San Miguel Food and Beverage also added 5 percent.

On the other hand, the PSEi’s gains were tempered by the decline of BPI and Bloomberry, which both lost over 3 percent.

Ayala Corp. and Megaworld both dipped.

Notable decliners outside the PSEi included 8990 Holdings, which fell by 2.73 percent, while Megawide dipped by 0.53 percent.

The latest FTSE rebalancing which will take effect on March 18 added JG Summit, San Miguel and San Miguel Food and Beverage into key FTSE indices.