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Philippines

PSEi nears 8,000 level, closes 0.6% up

The local stock barometer inched closer to the 8,000 mark in thin trading on Friday, riding on buoyant regional markets.

The main-share Philippine Stock Exchange index (PSEi) gained 47.89 points, or 0.6 percent, to close at 7,992.32.

Elsewhere in the region, stock markets ended mostly higher as investors welcomed a fresh round of central bank stimulus while the US-China trade tension eased. The European Central Bank slashed interest rates by 10 basis points, bringing it further below zero to -0.5 percent and resumed a quantitative easing in the form of bond purchases.

Locally, Bangko Sentral ng Pilipinas Governor Benjamin Diokno has signaled further monetary easing measures.

The PSEi added a total of 58.85 points, or 0.7 percent, for the week.

On Friday, all counters ended higher, led by the services and mining/oil firms, which all added over 1 percent.

The financial, industrial, holding firm and property counters all gained.

Total value turnover for the day was thin at P4.53 billion as investors prepared to be liquid ahead of large initial public offerings coming to the market starting this September.

Coconut product manufacturer Axelum Resources Corp. is raising as much as P7.7 billion while home improvement retailer AllHome Corp.’s equity deal can reach up to P18 billion.

There were 111 advancers that edged out 69 decliners, while 63 stocks were unchanged.

The PSEi was boosted by BPI, Ayala Land, Meralco and URC, which all added over 1 percent.

BDO, SM Prime, SM Investments, Metrobank, DMCI, Megaworld and PLDT all gained.

One notable gainer outside the PSEi was MacroAsia, which racked up 3 percent.

On the other hand, GT Capital declined by 1 percent.

Ayala Corp., Metro Pacific, First Gen, Jollibee and ICTSI also slipped.

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