PSEi firms up, closes at 8,022.16

The local stock barometer shook off early losses and firmed up back to the 8,000 level yesterday on highly selective picking of large-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) gained 24.49 points or 0.31 percent to close at 8,022.16 in thin trade.

The PSEi was led higher by the financial, holding firm and property counters.

On the other hand, the mining/oil counter fell by 1.75 percent while the industrial and services counters slipped.

Value turnover was still thin at P5.85 billion.

Despite the PSEi’s gain, market breadth was negative as 103 decliners edged out 83 advancers while 55 stocks were unchanged.

Local investors supported the PSEi’s rise while foreigners were net sellers, with net outflow amounting to P211.64 million.

Index heavyweight SM Investments led the PSEi higher, gaining 1.46 percent. ICTSI and Security Bank both added more than 1 percent.

BPI, Ayala Land, SM Prime and AEV all firmed up.

Notable gainers outside the PSEi included Vulcan, which rose by 6.25 percent, while Megawide added 1.18 percent.

Meanwhile, Jollibee fell by 1.75 percent still on labor issues while Ayala Corp., GT Capital, PLDT and BDO slipped.

Outside the PSEi, LR tumbled by 10.29 percent as investors pocketed gains from earlier Boracay casino play.

Bloomberry tumbled by 4.82 percent as fourth quarter earnings fell by 87 percent due to the lower “win” rate from its VIP gaming segment.

Global Ferronickel declined by 3.5 percent while MRC Allied and CEI fell by 2.99 percent and 1.72 percent, respectively.