Main stock price index sets record finish

The local stock barometer surged to a new record finish past 8,500 yesterday as investors took their cue from upbeat sentiment in Wall Street.

The main-share Philippine Stock Exchange index (PSEi) racked up 146.94 points or 1.75 percent to close at its best-ever finish of 8,523.07.

All counters traded higher, led by holding firms, which rose 2.45 percent. On the other hand, the industrial and services counters both gained more than 1 percent.

The financial and mining/oil counters also firmed up. Value turnover for the day amounted to P7.29 billion.

“Philippine stocks bounced back from the slump after US stocks closed at records on Friday, with major indexes extending their lengthy upward moves on the back of strong results at Apple, which offset a mixed set of economic data, including a weaker October jobs report,” said Luis Gerardo Limlingan, managing director at local brokerage house Regina Capital Development.

There were 105 advancers that edged out 95 decliners while 41 stocks were unchanged.

Investors picked up shares of SMC, which rose by 5.43 percent, after announcing the consolidation of its food and beverage businesses into subsidiary Pure Foods, which sizzled with its 50-percent gain.

JG Summit also gained by 4.05 percent.

SM Investments rose by 3.21 percent while Ayala Land and BPI both advanced by more than 2 percent.

Meralco, Metrobank, Megaworld and Ayala Corp. all rose by over 1 percent while BDO and Metro Pacific also firmed up.

Aside from Pure Foods, other notable gainers outside the PSEi included Italpinas, which rose by 26.14 percent on expectation of good third-quarter earnings.

Harbor Star also rose by 10.95 percent while Bloomberry gained 2.63 percent.

On the other hand, GT Capital fell by 1 percent while SM Prime slipped by 0.94 percent after announcing nine-month results.

Manila Water fell by 0.81 percent.

“This week will be dominated by headlines surrounding [US President Donald] Trump’s tour of Asia, but in the background earnings continue to deserve attention,” Limlingan said.