PSEi firms up
The local stock barometer slightly firmed up at the close Wednesday but sentiment across the region was soured by Greek debt discussions.
The Philippine Stock Exchange index (PSEi) gained 9.71 points or 0.13 percent to close at 7,561.67 as the slump in prices in the last two days lured selective buying late in the session.
Across the region, sentiment was mostly sluggish as international investors awaited the outcome of discussions meant to avoid a debt default by Greece.
At the local market, sentiment was mixed. The financial, industrial and services counters led the market higher while the holding firms, mining/oil and property counters faltered.
Value turnover for the day amounted to P7.12 billion. Despite the PSEi’s slight rise, market breadth was negative. There were only 74 advancers versus 102 decliners while 51 stocks were unchanged.
The PSEi’s gains were led by MPIC, which rose 3.8 percent. MPIC has announced an increase in its authorized capital stock to P40.05 billion from P30.05 billion, citing the need to carry out equity fund-raising in a timely manner for investments such as infrastructure, utilities and healthcare sectors. It is also reclassifying 150 million class “B” preferred shares with a par value of P1 each into 15 billion class “A” preferred shares with a par value of P0.01 each.
Globe, SMIC, BPI and Jollibee also supported the PSEi’s rise, all of them rising more than 1 percent. SMPH, URC, PLDT and Megaworld also contributed to the day’s gains.
On the other hand, the PSEi’s rise was tempered by the decline of GTCAP, which slipped 2.21 percent, while Metrobank and EDC both faltered by more than 1 percent. AEV, AC, Emperador and ALI also contributed to the decline. Doris Dumlao-Abadilla
