Stock index gains 0.61% but stays below 6,800

The local stock barometer firmed up on Tuesday, but remained shy of the 6,800 barrier, in line with the rebound across regional markets.

The Philippine Stock Exchange index recouped 41.26 points or 0.61 percent to close at 6,790.54 as domestic bargain-hunters made up for the continued exodus of foreign funds.

There was P915 million worth of net foreign selling for the day.

Christopher Mangun, head of research at AAA Equities, said regional markets had drawn strength from western peers as investors welcomed stimulus from central banks to battle the economic damage caused by the China-epicentered coronavirus contagion.

“Here at the PSE, the main index ended higher on slightly higher trading volumes as investors bet on blue chip favorites,” Mangun said.

“The worst may be over for the PSE as investors remain calm after several days of panic selling. The immediate support is around the 6,800 area. If the main index ends the week above this support line, we may see a reversal and see it start going higher,” he added.

The day’s gains at the local market were led by the financial counter, which advanced by 1.43 percent.

The holding firm, mining/oil and property counters also firmed up, while the industrial and services counters slipped.

Value turnover for the day amounted to P5.83 billion.

There were 108 advancers that edged out 82 decliners, while 46 stocks were unchanged.

RLC jumped by 5.75 percent while BDO added 3.86 percent.

Metro Pacific and BPI both gained over 3 percent, while JG Summit added 2.56 percent.

PLDT rose by nearly 2 percent while Globe Telecom added 1.67 percent.

Ayala Corp., SM Prime, SM Investments, Jollibee, AGI, Megaworld and Meralco also firmed up.

Outside the PSEi, one notable gainer was Metro Alliance, which surged by another 29 percent.

On the other hand, URC and Metrobank lost 3.32 percent and 2.9 percent, respectively.

Ayala Land also slipped by 0.5 percent.

Outside the PSEi, MacroAsia declined 3.61 percent.