PSEi firms up slightly

THE LOCAL stock barometer firmed up slightly in mixed trade on Wednesday, tracking mostly upbeat trading in the region.

The Philippine Stock Exchange index added 3.8 points or 0.05 percent to close at 7,482.83. Gains were bigger in early trading, during which the 7,500 level was retested, but these gains were pared at closing. Across the region, markets were mostly buoyed by the overnight rally in Wall Street.

China’s battered stock market also curbed losses on hopes that China could manage the stock market rout. There has been a commitment from Chinese regulators to buy shares to stabilize stocks alongside the Chinese central bank’s hint of monetary easing.

At the local market, the financial, industrial and services counters kept the index float while the holding firms, mining/oil and property counters curbed the market’s rise.

Local investors were the ones that supported local stocks as there was P380 million worth of net foreign selling for the day.

Value turnover for the day amounted to P8.53 billion. There were 92 advancers that beat 75 decliners while 48 stocks were unchanged.

Globe and URC led the PSEi’s rise, both gaining by over 1 percent ahead of their second quarter earnings reports. Metrobank, BDO, Semirara, SM Prime, JG Summit, GTCAP and Meralco also contributed modest gains.

Outside of the PSEi, Cebu Air gained by 2.28 percent in heavy volume.

On the other hand, EDC fell by 3.4 percent while DMCI also slumped by 1.83 percent. ALI and SMIC both declined by over 1 percent while PLDT and ICTSI also dipped.