PSEi draws nearer to 7,000 on hunt for good deals in large-cap stocks
The stock barometer edged closer to the 7,000 mark on Thursday, driven by selective buying of large-cap stocks.
The main-share Philippine Stock Exchange index (PSEi) gained 66.99 points, or 0.97 percent, to close at 6,947.19.
“The Philippines and the rest of the region scored solid gains after several lackluster sessions that had left the market primed for bargain-hunting,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“Surging energy stocks contributed to the upbeat performance both here and abroad, while investors [remained] fixated on next week’s Federal Reserve meeting,” he added.
In recent weeks, Fed tapering jitters have declined across global markets.
At the local market on Thursday, all counters moved up, led by the services sub-index which gained 2 percent.
Article continues after this advertisementThe industrial and property counters both rose by over 1 percent, while the financial, holding firm and mining/oil counters added less than 1 percent.
Article continues after this advertisementValue turnover amounted to P5.96 billion. Domestic hands kept the market afloat, while foreign investors were net sellers to the tune of P271.16 million.
Despite the PSEi’s gain, there were 98 decliners that outnumbered 95 advancers, while 46 stocks were unchanged.
AEV advanced by 5.47 percent, while AC Energy and Aboitiz Power both added over 4 percent.
Globe Telecom rose by 3.29 percent, while ICTSI and Puregold both added over 2 percent.
Converge, PLDT, SM Prime, BDO and ALI all rose by over 1 percent, while Ayala Corp. and Metrobank both gained less than 1 percent.
The day’s most actively traded company was a non-PSEi stock, Monde Nissin (+0.32 percent), which many investors expect to join the stock barometer by February.
Newly listed RCR, the fourth real estate investment trust to come to market, rose by 0.16 percent.
