PH STOCKS GAIN MORE GROUND

Philippine Daily Inquirer - - BUSINESS - By Doris Dum­lao-Abadilla @Philbizwatcher

The lo­cal stock barom­e­ter firmed up for the fourth straight ses­sion yes­ter­day, flirting with the 7,400 mark in in­tra­day trade in line with mostly upbeat re­gional mar­kets.

The main-share Philip­pine Stock Ex­change in­dex (PSEi) added 48.6 points or 0.66 per­cent to close at 7,399.18. The in­dex hit as high as 7,405.42 in in­tra-day trade.

Across re­gional mar­kets, stock mar­kets were mostly higher as US-China trade war jit­ters have waned for now.

In­vestors took heart from upbeat trad­ing on Wall Street overnight. The Dow Jones In­dus­trial Av­er­age added 224.44 points or 0.91 per­cent.

Ex­cept for the ser­vices counter, all sub-in­dices ended higher at the lo­cal mar­ket.

Value turnover for the day amounted to P5.45 bil­lion. There was mod­est net for­eign sell­ing of P37.78 million for the day.

There were 103 ad­vancers that edged out 91 de­clin­ers while 46 stocks were un­changed.

JG Sum­mit led the PSEi higher with its 3.73-per­cent gain. Se­cu­rity Bank added 2.22 per­cent while SM Prime and Metro Pa­cific both ad­vanced by over 1 per­cent.

SM In­vest­ments, Ayala Land, Jol­libee, GT Cap­i­tal, PLDT, Mer­alco and Me­ga­world also con­trib­uted gains.

On the other hand, Metrobank and Pure­gold both slipped by over 1 per­cent. Ayala Corp. and BDO also fal­tered.

One no­table de­cliner out­side the PSEi was TBGI, which slid by 12.9 per­cent af­ter surg­ing by nearly 38 per­cent on Thurs­day on the back of a third telco play.

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