Market hits new high

Local stocks on Thursday ended with modest gains to post a new high for the 32nd time this year, its winning streak extended by month-end window-dressing activities.

After a rough sailing for most of the session, the Philippine Stock Exchange index closed 6.73 points or 0.12 percent up hitting a new high finish of 5,640.45.  A new all-time intra-day high of 5,650.10 was likewise hit.

The market was on a profit-taking mode, trading in negative territory for most of the day. However, selective buying, which dealers said

were related to window-dressing, allowed the index to close on a positive note.

Despite the overall index gain, the advancers (65) were outnumbered by the decliners (103), indicating that the market run-up for the session was anchored on selective buying.  Value turnover was heavy at P11 billion.

Trading was mixed across counters, with property (+1.56 percent) leading the day’s climb and holding firms and services contributing as well.  On the other hand, the decline in the financial (-1.29 percent) and mining/oil (-1.6 percent) counters tempered the PSEi’s late-session rebound.  The industrial counter was also lower.

The biggest contributors to the PSEi’s gains were SMIC (+4.09 percent), DMCI (+3.89 percent), SM Prime (+2.91 percent), ALI (+2.56 percent), Megaworld (+1.62 percent), ICTSI (+1.43 percent) and Aboitiz Power (+1.14 percent).

Posting the biggest decline were BPI (-5.37 percent), JGS (-2.97 percent), FGEN (-2.95 percent), MPI (-2.67 percent), SMDC (-2.03 percent), URC (-1.28 percent) and AC (-1.19 percent).

BPI succumbed to profit-taking as the market mulls whether it could close a deal to take over Philippine National Bank soon.  BDO and Metrobank posted modest gains. Doris C. Dumlao