Local investors lift PSEi past 7,300 mark

The local stock barometer bounced to the 7,300 level on Monday as local investors made up for the slack in foreign risk appetite.

The main-share Philippine Stock Exchange index (PSEi) added 44.85 points or 0.62 percent to close at 7,326.85.

“Minor gains in several blue chips allowed the PSEi to end slightly higher despite average trading volumes and more foreign outflows. The general sentiment remains extremely cautious despite the lack of panic-selling today,” Christopher Mangun, head of research at AAA Equities, said in a research note.

“Most investors are on the sidelines waiting for a better environment. We expect it to trade sideways for the time being. Retail investors were active today with several second-liners trading as much as blue-chips,” he added.

Elsewhere in the region, trading sentiment was mixed. The Shanghai composite index went up by more than 2 percent after the central bank lowered the interest rate on its medium-term lending facility while the government offered cushion for the economy amid the coronavirus contagion, Mangun noted.

On the other hand, Japan’s Nikkei 225 ended lower on recession fears after its economy contracted in the fourth quarter of 2019.

At the local market, the PSEi was boosted by the holding firm counter, which rose by 1.35 percent. The financial and industrial counters also gained slightly.

On the other hand, the services, mining/oil and property counters slipped.

Value turnover for the day amounted to P7.84 billion.

Local hands mostly supported the market’s rise as foreigners were net sellers to the tune of P336.82 million.

There were 107 advancers that edged out 77 decliners and 49 stocks were unchanged.

Infrastructure holding firm Metro Pacific gained 3.58 percent while SM Investments and Aboitiz Equity Ventures both added more than 2 percent.

Metrobank and Jollibee both rose nearly 2 percent. Ayala Corp., BDO, Puregold and URC wer eup by less than 1 percent.INQ