Selective buying of blue chips lifts PH stocks

The local stock barometer started the week modestly firmer on selective buying of large-cap stocks, supported by domestic investors who made up for foreign investors’ lack of appetite.

The Philippine Stock Exchange index (PSEi) added 32.36 points or 0.51 percent to close on Monday at 6,347.43.

Elsewhere in the region, trading sentiment was mixed.

The PSEi was led higher by the industrial and property counters, which both gained over 1 percent, while the financial, services and mining/oil counters all rose by less than 1 percent.

Only the holding firm counter slipped by 0.41 percent.

Value turnover for the day amounted to P7.32 billion. Foreigners were mostly sellers, resulting in a net foreign outflow of about P1 billion from the local bourse.

Despite the PSEi’s gain, market breadth was negative. There were 113 decliners that outnumbered 87 advancers, while 47 stocks were unchanged.

DMCI, ICTSI, SM Prime and URC led the PSEi higher. All of these companies gained over 2 percent.

Ayala Land, SM Investments and PLDT all rose by over 1 percent.

BPI and Metrobank both added less than 1 percent.

Newly listed MerryMart continued to outperform at the local bourse, gaining 22.03 percent. It was the day’s most actively traded company.

New telecom player Dito, the second most actively traded company, rose by 15.12 percent. A sister company under the group of Davao-based businessman Dennis Uy, PH Resorts, announced plans to revive a follow-on offering exercise. —DORIS DUMLAO-ABADILLA INQ