PSEi increases 0.77% as foreign money flows in

The local stock barometer gained yesterday as foreign money flowed into local equities, allowing the main index to defy mostly sluggish regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 60.45 points or 0.77 percent to close at 7,881.79. The market was buoyed by P565.24 million in net foreign buying.

“We had another low-volume day today as the main index continues to climb with foreign inflows. However, as long as we don’t see local investors come in with excitement, then this rally may be short-lived. With one more day of trading, we may see it pull back a little as it is right at the 7,900 resistance,” Eagle Equities head of research Christopher Mangun said in a research note.

The PSEi was led higher by the financial counter, which rose by 2.63 percent. The industrial, holding firms and mining/oil counters all gained.

The services and property counters declined.

Value turnover for the day hit P5.84 billion. There were 115 advancers that edged out 84 decliners, while 47 stocks were unchanged.

Top gainers were conglomerate San Miguel Corp. and Metrobank, which both rose by over 4 percent.

BDO, Megaworld, BPI and AGI all advanced by over 2 percent.

JG Summit, Jollibee and RRHI all added over 1 percent.

Metro Pacific, Ayala Corp., URC, AEV and RLC firmed up.

Notable gainers outside the PSEi included San Miguel Food and Beverage, up by 2.04 percent. It was the day’s most actively traded company.

Another non-PSEi gainer was First Gen, up by 3.21 percent.

Meanwhile, ICTSI declined by 2.15 percent while Ayala Land lost 1.92 percent. PLDT and SM Prime also slipped.