PSEi up on selective buying

The local stock barometer returned to positive territory Friday on the back of selective buying of large-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) gained 18.71 points or 0.26 percent to close at 7,217.34. Elsewhere in the region, trading was tempered by renewed concerns on the Chinese economy. With the local market reaching expensive valuations and some foreign institutional investors pulling out, investors are turning more selective, dealers said. Despite the PSEi’s rise, market breadth was negative, with 86 advancers edged out by 90 decliners. Value turnover for the day amounted to P6.65 billion. The financial, services and mining/oil counters firmed up while the industrial, holding firm and property counters ended lower. The PSEi was led higher by Semirara (+3.87 percent), Metrobank (+3.09 percent), BDO (+2.62 percent) and SM Prime (+1.02 percent). GT Capital, Aboitiz Power, Ayala Corp., URC, Megaworld and Bloomberry also contributed to the day’s gains. On the other hand, Ayala Land shares fell 1 percent while Alliance Global Group and JG Summit also slipped. Outside of PSEi stocks, Cebu Air fell by 2.8 percent while Vista Land and PLC also declined. Doris C. Dumlao