PSEI ends slightly higher in mixed trade
The local stock barometer gained on Monday even as regional markets were mostly muted by jitters over US-China trade talks.
The main-share Philippine Stock Exchange index (PSEi) added 42.45 points, or 0.54 percent, to close at 7,915.63, gaining for the second straight session as foreign funds continued to flow into local equities.
“The main index continues sideways within our range. Investors are still on the sidelines and may remain there due to the shortened trading week,” said Christopher Mangun, head of research at Eagle Equities Inc.
Elsewhere in the region, Mangun said there were likewise concerns on “what is likely to be a tough US earnings season despite a rebound in US payrolls data.”
The local market was buoyed by about P496.6 million in net foreign buying.
The PSEi was led higher by services, which rose by 1.41 percent, while the industrial, holding firm and property counters also firmed up.
On the other hand, the financial and mining/oil counters both slipped.
Value turnover for the day amounted to P5.4 billion. There were 107 advancers that edged out 91 decliners, while 50 stocks were unchanged.
PSEi was led higher by ICTSI, which surged by 4.94 percent, while AGI, URC, Puregold and Metro Pacific all rose by more than 2 percent.
Megaworld and JG Summit both gained over 1 percent, while PLDT, SM Prime and Metrobank all increased by less than 1 percent.
One notable gainer outside the PSEi was technology firm Xurpas, which surged by 13.45 percent after the board of Xurpas approved the issuance of 415,000 common shares at P1.23 a share to its president and chief finance officer, Alexander Corpuz. The shares were taken from the company’s treasury shares and executed through the facilities of the PSE. The shares were issued at a premium to Friday’s closing price of P1.19 a share, thereby lifting stocks on Monday.
On the other hand, Ayala Corp. tumbled by 1.19 percent, while Bloomberry, BPI, Jollibee, BDO and GT Capital also slipped.
