Market hits new high

LOCAL stocks yesterday ended with modest gains to post a new high for the 32nd time this year, its winning streak extended by month-end windowdressing activities.

After a rough sailing for most of the session, the Philippine Stock Exchange index closed 6.73 points or 0.12 percent up hitting a new high finish of 5,640.45. A new all- time intra- day high of 5,650.10 was likewise hit.

The market was on a profit- taking mode, trading in negative territory for most of the day. However, selective buying, which dealers said

were related to window- dressing, allowed the index to close on a positive note.

Despite the overall index gain, the advancers ( 65) were outnumbered by the decliners ( 103), indicating that the market run- up for the session was anchored on selective buying. Value turnover was heavy at P11 billion.

Trading was mixed across counters, with property (+ 1.56 percent) leading the day's climb and holding firms and services contributing as well. On the other hand, the decline in the financial (- 1.29 percent) and mining/ oil (1.6 percent) counters tempered the PSEi's late- session rebound. The industrial counter was also lower.

The biggest contributors to the PSEi's gains were SMIC (+ 4.09 percent), DMCI (+ 3.89 percent), SM Prime (+ 2.91 percent), ALI (+ 2.56 percent), Megaworld (+ 1.62 percent), ICTSI (+ 1.43 percent) and Aboitiz Power (+ 1.14 percent).

Posting the biggest decline were BPI (- 5.37 percent), JGS (2.97 percent), FGEN (- 2.95 percent), MPI (- 2.67 percent), SMDC (- 2.03 percent), URC (1.28 percent) and AC (- 1.19 percent).

BPI succumbed to profit- taking as the market mulls whether it could close a deal to take over Philippine National Bank soon. BDO and Metrobank posted modest gains.