PSEi stays above 8,000 level

The local stock barometer stayed afloat the 8,000 mark on Thursday as a dovish tone from the US Federal Reserve buoyed regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 5.41 point or 0.07 percent to close at 8,022.42.

The Federal Open Market Committee kept the benchmark rate in a target range of 2.25 percent to 2.5 percent but dropped the word “patient” in its rhetoric, leaving room for future rate cuts.

Meanwhile, the market also awaited the results of the Bangko Sentral ng Pilipinas’ own policy meeting later during the day.

The mining/oil index outperformed with its 1.87-percent gain, while the financial, industrial and holding firm counters firmed up modestly.

The services and property counters declined.

Total value turnover for the day amounted to P6.74 billion.
There were 121 advancers that edged out 71 decliners while 49 stocks were unchanged.

Domestic investors supported the market as there was P588 million in net foreign selling for the day.
First Gen and GT Capital led the PSEi higher, both rising by over 4 percent.

Metro Pacific added 3.06 percent. The infrastructure conglomerate is reported to have started the process for selling a portion of its interest in the hospital business, which could be valued at $2 billion.

Metrobank, PLDT, BPI and Jollibee all gained over 1 percent.

BDO, Security Bank, AGI and RRHI also contributed modest gains.

One notable gainer outside the PSEi was cement-maker Cemex, which rose by 6.77 percent.

On the other hand, ICTSI fell by 1.71 percent, while Ayala Land, SM Prime, URC, SM Investments and Meralco all dipped.

One notable decliner was ISM, which slumped by 2 percent in relatively heavy volume.