Blue chips rally PSEi amid tumultuous day for regional markets
The local stock barometer bucked the bloodbath seen across regional markets on Friday as domestic investors picked up battered blue chips, making up for the heavy foreign selling.The Philippine Stock Exchange index (PSEi) firmed up by 38.91 points or 0.58 percent to close at 6,794.86, outperforming stock markets in the region which mostly tumbled on valuation concerns.For the week, the PSEi shed a total of 131.55 points or 1.9 percent to finish at 6,794.86.
“Shares in the Philippine market closed on the positive as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The cyclical property and banking indices lifted the PSEi, respectively rising by 2.9 percent and 2.14 percent.
The services counter also firmed up slightly.
On the other hand, the holding firm counter fell by 1 percent, while the industrial and mining/oil counters both slipped.Value turnover for the day amounted to P13.74 billion. Domestic investors shored up the index, neutralizing some P972.65 million worth of net foreign selling.Advancers edged out decliners, 121 to 96, while 42 stocks were unchanged.
Investors gobbled up shares of BPI, which rose by 5.83 percent, while Puregold added 4.23 percent.SM Prime and JG Summit both added over 3 percent.
The day’s most actively traded company was BDO, which gained 2.23 percent.
Globe added 2.07 percent and Ayala Land rose by 1.03 percent, while Metrobank added 0.9 percent.
Outside the PSEi, notable gainers included LRW, which soared by 94.17 percent. Warrants are exempted from the 50-percent daily price increase ceiling.Greenergy surged by 13.86 percent, while AC Energy and Dito rose by 2.22 percent and 0.88 percent, respectively.
On the other hand, SM Investments fell by 2.79 percent after releasing its fourth quarter earnings results.
URC, ICTSI and Meralco all shed over 1 percent, while Ayala Corp. and PLDT slipped by less than 1 percent.
