PSEi ends higher on selective buying

The local stock barometer overcame a rough trading day on Friday, firming up at close on the back of selective buying of large-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) added 21.88 points or 0.26 percent to close at 8,365.11, reversing early losses.

For the week, the PSEi added 54.03 points or 0.65 percent from last week’s finish.

“Philippine markets kept to bargain-hunting despite the light trading value due to the (US) Thanksgiving holidays,” said Luis Gerardo Limlingan, managing director at local stockbrokerage Regina Capital Development. US stocks were closed due to the Thanksgiving break.

On Friday, the PSEi was shored up by the financial and property counters, which gained 0.74 percent and 0.85 percent, respectively, while the industrial and holding firm counters also firmed up.

On the other hand, the mining/oil and services counters slipped.

Value turnover for the day amounted to P9.11 billion.

Despite the PSEi’s gain, market breadth was negative. There were 102 decliners that edged out 87 advancers while 52 stocks were unchanged.

The day’s upswing was mostly supported by local investors while foreigners were in a net selling position amounting to P461.28 million.

The PSEi was led higher by property giant Ayala Land Inc., which gained 3.73 percent and was the day’s most actively traded stock.

BPI, which raised P12.2 billion from a landmark offering of term deposit notes, advanced by 2.77 percent.

SM Investments and Jollibee also both gained more than 1 percent while SM Prime, URC and Metrobank contributed more modest gains.

Outside of PSEi stocks, notable gainers included Harbor Star, which surged by 26.37 percent. The company announced on Friday the acquisition of a 60-percent stake in Astronergy Development Gensan Inc. (ADGI).

ADGI has permits, licenses and entitlements to operate a 25-megawatt (MW) solar power plant in General Santos that is expandable to 75MW.