By Arra B. Francia, Senior Reporter

THE MAIN INDEX firmed up on Thursday lifted by new highs recorded by index heavyweights.

The benchmark Philippine Stock Exchange index (PSEi) climbed 0.6% or 47.46 points to 7,894.45 yesterday, extending gains seen in the previous session. The broader all-shares index likewise rose 0.44% or 21.61 points to 4,867.66.

“The PSEi had another good day as it closed 47.46 points just a few points shy from the 7,900 mark at 7,894.45. Heavyweights ALI (Ayala Land, Inc.) and SMPH (SM Prime Holdings, Inc.) reaching new highs led the index’s move,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

Shares in ALI jumped 3.13% to P49.50 each as investors cheered ALI’s announcement Wednesday that it plans to place some of its office assets in Makati under a real estate investment trust (REIT). The property developer looks to raise $500 million from what would be the country’s first REIT listing.

Meanwhile, shares in SMPH gained 2% to P40.80 apiece. The Sy-led firm recently said it plans to put up its eighth mall in China this year worth P4 billion.

“Market for the last day of the week should take its cues from these heavyweights if they continue their upward push. US markets would also be something to watch out for,” Mr. Perez said.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan noted how the PSEi was in sideways motion yesterday.

“Shares traded sideways most of the day before settling in the green as investors focused on big names overseas — Facebook and Microsoft reported better-than-expected earnings after markets,” Mr. Limlingan said in a mobile phone message.

Sectoral indices were once again equally split between advancers and decliners. The property counter jumped 2.16% or 91.73 points to close at 4,321.29, followed by services which inched up 0.62% or 9.88 points to 1,587.31. Financials increased 0.52% or 9.14 points to 1,740.73.

In contrast, mining and oil slumped 0.66% or 52 points to 7,818.96. Holding firms shed 0.41% or 31.75 points to 7,554.35, while industrials slipped 0.11% or 13.38 points to 11,445.20.

Some 743.97 million issues valued at P6.53 billion switched hands, lower than Wednesday’s P8.10 billion.

Advancers slightly outpaced decliners, 96 to 92, while 57 names were unchanged.

Foreign investors remained net buyers, although at a lower figure of P48.86 million compared to the previous session’s P1.85 billion.

The PSEi bucked the negative performance seen overseas. The Dow Jones Industrial Average went down 0.22% or 59.34 points to 26,597.05. The S&P 500 index dipped 0.22% or 6.43 points to 2,927.25, while the Nasdaq Composite index fell 0.23% or 18.81 points to 8,102.02.

Asian shares also ended mixed after Wall Street’s retreat.

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