PSEi outruns gloom as buyers flood market

The local stock barometer ended slightly higher on Friday on a late surge in buying as investors digested the initial stream of first quarter earnings.

Defying the downturn across regional markets, the main-share Philippine Stock Exchange index (PSEi) added 31.77 points or 0.39 percent to close at the day’s high of 8,129.93.

The index was shored up by about P256.6 million worth of net foreign buying.

The index fell to as low as 8,006.55 before recovering at close.

The market was shored up by the mining/oil counter, which added 1.63 percent.  The financial, industrial, holding firm and property counters also firmed up.

Value turnover for the day amounted to P5.68 billion.

There were 129 gainers that edged out 61 decliners, while 52 stocks were unchanged.

URC gained 3.41 percent after announcing strong second quarter earnings results. Its parent conglomerate likewise gained 3.35 percent.

URC grew its first semester net profit by 9 percent year-on-year to P5.4 billion, boosted by the turnaround of its domestic coffee business.

Ayala Land and Megaworld both added over 1 percent, while BPI, PLDT, Aboitiz Power, GT Capital, Metro Pacific and AEV also gained.

Meanwhile, ICTSI declined by 3.93 percent.

SM Prime dropped by 1.05 percent while Jollibee and AGI both slipped.