PSEi returns to 8,000 level

THE LOCAL stock barometer climbed back to the 8,000 level on Tuesday as regional markets were perked up by talks of further monetary easing in the UK.

The Philippine Stock Exchange index added 61.48 points or 0.77 percent to close at 8,055.06, gaining for the second session.

The financial, industrial, holding firm and property counters contributed to the day’s gains. On the other hand, the services and mining/oil counters slipped.

Value turnover for the day amounted to P9.51 billion. Domestic investors supported the PSEi’s rise as there was P259 million in net foreign selling.

Despite the PSEi’s rise, market breadth was negative. There were 99 decliners that outnumbered 93 advancers while 42 stocks were unchanged.

ALI and SMIC led the PSEi higher, both rising by over 2 percent. SMPH, BPI, BDO and EDC all advanced by over 1 percent.

GT Capital, MPI, URC and Megaworld also contributed to the PSEi’s rise.

Outside of the PSEi, the following stocks gained in heavy volume: Cirtek (0.22 percent), Cosco (+3.4 percent) and Max’s (+3.34 percent).

On the other hand, Globe Telecom fell by 1.35 percent while AC, PLDT, JG Summit, Metrobank and AEV also slipped.

Most other stock markets in Asia and Europe likewise firmed up on Tuesday on talks of further monetary easing after UK’s vote to leave the European Union.