Taking cue from regional markets, PSEi ends week above 6,900

The local stock barometer ended the week above the 6,900 mark, moving in line with mostly upbeat regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 32.08 points or 0.47 percent to close at 6,907.79.

For the week, the index advanced by a total of 111.45 points or 1.6 percent from last week’s closing of 6,796.34.

Except for the mining/oil counter, which slightly dipped, all other counters eked out modest gains on Friday.

“Philippine shares climbed above the 6,900 level to finish the week as investors shrugged off a key (US) inflation report that showed a bigger-than-expected increase in price pressures,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Value turnover for the day amounted to P5.76 billion. There was modest net foreign selling of P155.36 million.

Advancers edged out decliners, 118 to 90, while 50 stocks were unchanged.

Globe Telecom, Ayala Land, BPI, Megaworld and Ayala Corp. all advanced by over 1 percent, while ICTSI, BDO, SM Investments, Aboitiz Power and URC all added less than 1 percent.

Among the notable gainers outside the PSEi was Boulevard Holdings, which surged by 17.39 percent. Converge also added 6.45 percent.

While the PSEi has rallied in the last three weeks, it is still 231.92 points or 3.2 percent below its end-2020 closing level of 7,139.71.