PSEi rises on US economic data
Philippine Stock Exchange AFP FILE PHOTO
MANILA, Philippines — The local stock index returned to positive territory on Tuesday on the back of upbeat US economic data.
The main-share Philippine Stock Exchange index gained 32.11 points or 0.49 percent to close at 6,621.66.
All counters ended higher, led by the financial sub-index (+1.17 percent).
Turnover for the day amounted to P7.05 billion.
There were 107 advancers against 70 decliners while 44 stocks were unchanged.
The day’s gains were led by BPI and Metrobank, which both rose by over 2 percent, thereby lifting the financial counter.
SM Prime (+1.18 percent) likewise contributed to the day’s gains alongside PLDT, SMIC, BDO, AGI, ALI and DMCI.
Outside the main index, Nickel Asia (+1.3 percent), COSCO (+2.25 percent) and Security Bank (+0.27 percent) rose in heavy volume.
For its part, Nickel Asia is benefiting from the rise in global nickel prices as a result of Indonesia’s ban on ore export.
On the other hand, Megaworld, Ayala Corp., Petron, ICTSI, Globe and AP ended lower.
Dealers said investors took heart from the overnight recovery in Wall Street, in turn buoyed by a favorable US retails sales data. Risk-taking, however, was tempered by gloomy data out of China, which suggested a slowdown in Asia’s largest economy.
RELATED STORY
US stocks rise on Citi earnings, retail sales
