PSE index recovers some lost ground, back above 7,600

The local stock barometer firmed up above 7,600 in thin trading on Monday as domestic investors made up for foreigners’ sluggish appetite.

The main-share Philippine Stock Exchange index (PSEi) recouped 76.32 points or 1 percent to close at 7,660.14.

Elsewhere in the region, trading sentiment was mixed.

The PSEi was led higher by the holding firm counter, which rose by 1.29 percent.

Except for the mining/oil counter, all other subindices faltered.

Value turnover was thin at P4.88 billion.

Foreigners continued to dump local equities, resulting in P879.56 million in net foreign selling for the day.

There were 100 advancers that edged out 84 decliners, while 43 companies were unchanged.

One notable gainer among PSEi companies was DMCI, which surged by 6.76 percent. Its construction arm DM Consunji, in partnership with Taisei Corp., bagged the Tutuban to Bocaue leg of the North South Commuter Railway project of the Department of Transportation.

The project bagged by DM Consunji involves the construction of around 22 kilometers of elevated viaduct structures, six stations and a depot, which will be located in Valenzuela.

Once completed, the railway will shorten travel time between Malolos and Tutuban to just 35 minutes, which is designed at a maximum speed of 120 km per hour.

AEV also gained 4.58 percent, while JG Summit, Metrobank and GT Capital all added over 3 percent.

Security Bank rose by 2 percent, while Ayala Land and PLDT rose by over 1 percent.

SM Prime, URC and Globe Telecom all firmed up.

On the other hand, Jollibee and Megaworld shed over 1 percent, while SM Investments, ICTSI and AGI also slipped.

One notable decliner outside the PSEi was Cirtek Holdings, which lost 3.57 percent.