PSEi snaps losing streak, ends week on upbeat note

The local stock barometer ended the week on an upbeat note, drawing strength from regional peers alongside the start of semester-end window-dressing activities.

Ending a three-day decline, the main-share Philippine Stock Exchange index (PSEi) gained 73.58 points or 1.2 percent to close on Friday at 6,191.84.

The PSEi was shored up mostly by local investors, who made up for P862.97 million worth of net foreign selling.

Across regional markets, investors welcomed the United States’ easing of restrictions on banks’ ability hedge funds and some other areas.

At the local market, the PSEi lost 123.23 points or 1.95 percent for the week.

Veteran stock broker Joseph Roxas, president of Eagle Equities Inc., said the local market had moved in line with the regional upswing.

Asked whether the 50-basis point surprise benchmark interest rate cut announced by the Bangko Sentral ng Pilipinas had a favorable impact on the market, Roxas said such monetary easing won’t have any meaningful impact if banks would not lend more.

The PSEi’s gain on Friday, Roxas added, could be part of window-dressing activities for the end of the quarter and the first semester.

All counters ended higher on Friday, led by the services sub-index which rose by 2.02 percent. The financial and holding firm counters all rose by over 1 percent.

Value turnover for the day amounted to P5.3 billion.

There were 99 advancers that edged out 91 decliners, while 54 stocks were unchanged.

The PSEi was led higher by PLDT, which surged by 5.04 percent.

Globe Telecom and Metro Pacific both rose by over 3 percent.URC added 2.61 percent, while SM Prime, BDO and Ayala Corp. all gained over 1 percent.

SM Investments, BPI and Metrobank all firmed up by less than 1 percent. —Doris Dumlao-Abadilla