Local investors help keep PSEi above 8,000

The local stock barometer remained above the 8,000 mark on Friday as domestic investors compensated for the sluggish appetite of foreign investors.

The main-share Philippine Stock Exchange index (PSEi) rose by 33.05 points or 0.41 percent to close at 8,055.47, while regional markets were mixed.

For the week, the index crept higher by 65.27 points or 0.82 percent.

Local stock brokerage Papa Securities said the clarity provided by the Bangko Sentral ng Pilipinas’ decision to keep interest rates unchanged was a buying impetus alongside the dovish US Federal Reserve comments that sparked an overnight rally in US equities.

A scheduled FTSE index rebalancing later in the day is not expected to gnaw on the market, Papa Securities said.

“The main index is hovering around the key 8,000-level and we are hoping that this is the calm before the storm. We are still very bullish that the index will start setting new highs for 2019,” Christopher Mangun, head of research at AAA Equities said.

“With second quarter earnings set to come out in a few weeks, and with companies expecting robust earnings, this may provide the catalysts that investors are waiting for,” he added.

All counters ended higher, led by financial, industrial and services sun-indices.

Total value turnover for the day amounted to P9.4 billion. Foreigners were net sellers, resulting in an outflow of P143.98 million.

There were 109 advancers that edged out 86 decliners, while 49 stocks were unchanged.

The PSEi was buoyed by JG Summit, which added 4.06 percent, while Megaworld and Security Bank both advanced by nearly 3 percent.

PLDT added over 2 percent, while Metro Pacific, Jollibee and URC all rose by over 1 percent.

Ayala Land, ICTSI, BDO, GT Capital and Globe Telecom all inched up.

On the other hand, AGI fell by 1.18 percent, while SM Prime, Ayala Corp., SM Investments, Metrobank, BPI, Meralco and AEV all declined.