PSEi gains 0.19%, closes near 8,000 level

The local stock barometer firmed up for the second session on Thursday as foreign funds flowed to large-cap stocks at the dawning of the third quarter local corporate earnings reporting season.

The main-share Philippine Stock Exchange index (PSEi) added 15.25 points, or 0.19 percent, to close at 7,930.55, defying mostly sluggish markets across the region.

A relatively hefty P1.08 billion worth of net foreign buying supported the local market, allowing the PSEi to break the 7,900 barrier and look forward to the next resistance level at 8,000.

The index was led higher by the financial, industrial, services and property counters.

On the other hand, the holding firm and mining/oil counters declined.

Value turnover for the day stood at P5.7 billion.

BPI, Metrobank and Globe Telecom led the PSEi higher, all gaining over 1 percent.

Raising the curtains for the third quarter earnings season and showing hefty trading gains, BPI was the day’s second most actively traded company.  Local stock brokerage Papa Securities said BPI’s nine-month net profit of P22.03 billion (+29.5 percent) was better than expected.

SM Investments, SM Prime, Security Bank, ICTSI, GT Capital, BDO, Puregold and Jollibee also gained ahead of their third quarter financial reports.

Outside of the PSEi, notable gainers included Phinma Energy, which added 1.44 percent, while D&L rose by 0.83 percent.

On the other hand, the country’s oldest business house Ayala Corp. fell by 1.48 percent.

Metro Pacific declined by 0.81 percent.  It will retain 45 percent voting rights in Metro Pacific Hospital Holdings Inc. but its economic interest in the country’s leading hospital operator will be diluted to 20 percent after the selldown to a consortium led by American private equity firm KKR.

PLDT and JG Summit also declined.