Stocks pull back from surge, end slightly higher

October 6, 2017

Stocks pulled back from a new intraday high, as the Philippine Stock Exchange index closed 8,310.88, up 16.87 points from Thursday.

Around 10:30 am, the index breached the 8,400 mark as it touched 8,389.42 points. But the momentum lost steam after the noon break. The previous intraday record was 8,321.81 on Sept 21 2017.

In the broader market, there were 99 gainers, 96 decliners and 49 shares unchanged.

Volume reached 1.21 billion shares valued at P7.37 billion. Foreigners were net buyers, with purchases of P3.41 billion compared to sales of P3.40 billion.

Most active shares were led by Ayala Land, down 0.58 percent to P42.90, Ayala Corp., up 1.81 percent to P1,015 and SM Investments Corp., up 1.28 percent to P911.

The peso closed at P51.15 against the US dollar compared to P51.01. Volume reached $498.80 million to $794.70 million. DMS