Stock index nears 8,000 mark

The local stock barometer moved closer to the 8,000 mark on Tuesday ahead of the upcoming US Federal Reserve policy setting.

The main-share Philippine Stock Exchange index (PSEi) added 44.66 points or 0.56 percent to close at 7,991.19.

AAA Equities head of research Christopher Mangun noted that Western stocks surged overnight in anticipation of a rate cut from the US Fed. However, he noted that markets in Asia had mixed results as investors awaited developments on a trade deal between Washington and Beijing.

There was net foreign buying amounting to P142 million.

“We saw a pick-up on trading in blue chips with a couple ending up on our top gainers for today. This allowed the PSEi to end a few points shy of the 8,000 resistance level. We may see it blow through that level tomorrow. However, we are not out of the woods yet. Selling pressure always intensified as it traded above 8,000. We are expecting to see this trend continue,” Mangun said.

Nonetheless, he noted that the general investor sentiment abroad had improved. “We may see the mood improve locally too, which may propel our market higher,” he said.

The local market was led higher on Tuesday by the mining/oil counter, which gained 1.57 percent.

The financial, industrial, holding firm and property counters also firmed up.

On the other hand, the services counter was a tad lower.

Total value turnover for the day amounted to P6.63 billion.

There were 97 advancers that edged out 81 decliners, while 56 stocks were unchanged.

Jollibee led the PSEi higher, gaining 3.05 percent, while AGI also rose by nearly 3 percent.

Property giant SM Prime gained 2.36 percent.

SM Investments, Metrobank, BPI, Ayala Land, URC, Ayala Corp., BPI, ICTSI and PLDT also firmed up.

One notable gainer outside the PSEi was Nickel Asia, which surged by 5.15 percent.

On the other hand, Meralco and Metro Pacific both fell by more than 2 percent.

Globe Telecom, DMCI and RLC also slipped.