PSEi ends 3-day decline, closes slightly up

The local stock barometer ended slightly up on Friday on selective buying of large-cap stocks, mostly by domestic investors.

Ending a three-day decline, the main-share Philippine Stock Exchange index (PSEi) added 10.81 points or 0.14 percent to close at 7,801.72 despite some foreign outflows for the day.

For the week, the PSEi rose by 62.76 points or 0.8 percent as the latest MSCI rebalancing had already taken effect on Nov. 26.

The PSEi was shored up by modest gains posted by the holding firm and property counters.

On the other hand, the financial, industrial, services and mining/oil counters declined.

Value turnover for the day amounted to P5.71 billion. Foreigners were net sellers to the tune of P718.66 million.

Despite the PSEi’s slight gain, market breadth was negative. There were 85 decliners that edged out 81 advancers, while 59 stocks were unchanged.

Investors picked up shares of SM Prime, which rose by 2 percent, while JG Summit gained 1.68 percent.

SM Investments, PLDT, ICTSI, AEV and GT Capital all firmed up.

URC and Metro Pacific and Semirara all dropped by more than 3 percent.

Metro Pacific, the parent conglomerate of Maynilad Water, has taken a beating since President Duterte lashed out at water concessionaires.

BPI, Security Bank, DMCI and Jollibee all lost over 1 percent.

Ayala Corp., BDO, Megaworld and Metrobank all declined.