PSEi rebounds on US-China courtship
The stock barometer ended slightly higher on Monday on selective buying of large-cap stocks following the decline seen in the last four weeks.
The Philippine Stock Exchange index (PSEi) added 33.7 points, or 0.44 percent, to close at 7,675.47 in line with the regional upswing. Stock markets mostly rose on optimism that the United States and China may be able to come up with a trade deal.
The financial counter pushed the PSEi higher and rose by 1.09 percent. Big players in the sector posted strong fourth quarter earnings results.
The industrial, holding firm, services and property counters also gained.
The mining/oil counter fell by 2.52 percent.
Value turnover for the day was thin at P6.21 billion. There was also modest net foreign buying of P80.5 million.
Investors continue to await cues from the earnings season, with companies due for a report on their fourth quarter 2018 earnings.
Megaworld advanced by 2.72 percent while SM Prime, BDO, Metrobank, BPI and GT Capital all added over 1 percent.
JG Summit, URC, PLDT and Ayala Corp. also firmed up.
Outside the PSEi, notable gainers included convenience store operator Philippine Seven, which added 3.53 percent.
Meanwhile, Globe Telecom lost 1.73 percent, while Ayala Land, SMC and AEV all slipped.
One notable decliner outside the PSEi was Vista Land, which tumbled by 2.43 percent.
“With the Philippines experiencing a major drop in inflation rate, faster economic growth, lower long-term interest rates, large PPP (public-private partnership for infrastructure) projects commenced, positive corporate earnings, and an expected inflow of investments into selected emerging markets, we project the PSEi to reach 8,400-8,800 sometime within the year,” investment house First Metro Investments Corp. said in a joint research note with the University of Asia and the Pacific. —DORIS DUMLAO-ABADILLA
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