PSEi probes new highs ahead of PH GDP report

The local stock barometer probed new highs on Monday on selective buying of large-cap stocks ahead of the Philippines’ fourth quarter economic report.

The Philippine Stock Exchange index (PSEi) added 34.7 points or 0.39 percent to close at 8,950.62, a new record finish. A new intra-day peak was likewise hit at 8,975.12.

The local market mirrored mostly upbeat trading elsewhere in the region as investors shrugged off news of the US government shutting down due to the failure of legislators to enact an urgent spending bill.

The PSEi was led higher by services, which rose by 1.1 percent. The industrial, holding firm and property counters also contributed gains.

On the other hand, the financial and mining/oil firms slipped.

Dealers said investors were upbeat on the fourth quarter gross domestic product (GDP) results to be announced on Tuesday. Based on Bloomberg consensus forecast, fourth quarter growth is anticipated at 6.7 percent.

Value turnover for the day stood at P8.14 billion. Foreign investors supported the PSEi’s climb to new highs as there was P448.38 million in net foreign buying recorded.

Despite the PSEi’s surge to new highs, market breadth was negative. There were 128 decliners that outnumbered 99 advancers while 52 stocks were unchanged.

The PSEi was led higher by LTG, which surged by 6.52 percent, while SMC rose by 2.86 percent.

SM Prime, Ayala Corp., Jollibee and PLDT all added over 1 percent while SM Investments, Ayala Land, Security Bank, Globe and ICTSI also contributed gains.

Notable gainers outside the PSEi include Now Corp., which gained 15.99 percent and was also the day’s most actively traded company.

Outside of the PSEi, other notable gainers included MacroAsia, which advanced by 9.61 percent while Purefoods and Bloomberry added 6.43 percent and 4.29 percent, respectively.

On the other hand, BPI, BDO, Metrobank, URC and GT Capital all declined.