Tracking upbeat regional markets, PSEi posts 0.52% gain

The local stock barometer ended slightly higher on Friday, tracking regional markets that mostly firmed up ahead of the US Federal Reserve chief’s address at the Jackson Hole summit.

Ahead of a long weekend break and US Fed Chair Jerome Powell’s speech at the US central bank’s annual symposium, the main-share Philippine Stock Exchange index (PSEi) added 40.58 points, or 0.52 percent, to close at 7,889.41.

For the week, the PSEi added 93.43 points, or 1.2 percent.

Local investors shored up the market as there was P539.13 million in net foreign selling for the day.

There will be no trading on Monday due to a national holiday in observance of National Heroes Day.

On Friday, there were 133 decliners that overwhelmed 69 advancers, while 34 stocks were unchanged.

The market was weighed down most by the mining/oil counter, which slumped by 1.96 percent, while the property counter declined by 0.82 percent.

On the other hand, the financials, industrial, holding firm and services counters slightly gained.

Value turnover was thin at P4.58 billion.

The PSEi was weighed down most by AGI, which lost 4.06 percent, while Ayala Land, Metro Pacific and Puregold all shed over 1 percent.

Megaworld, BDO, SM Investments, URC and SM Prime also declined slightly.

Outside of the PSEi, notable decliners included Pryce, which tumbled by 5.28 percent, while Filinvest Land lost 1.79 percent.

On the other hand, PLDT and Robinsons Land both gained by over 2 percent, while Jollibee recouped 1.42 percent.

Ayala Corp., ICTSI and BPI all gained.

Investors turned to companies outside the PSEi for trading opportunities. Newly listed KPPI gained another 13.54 percent and was the day’s most actively traded company.

Another notable gainer outside the PSEi was Phinma Petroleum, which surged by 12.57 percent and was the second most actively traded company.