PSEi recovers on bargain-hunting

The local stock barometer overcame rough trading for most of the session Tuesday to close modestly higher above the 7,100 level.

The main-share Philippine Stock Exchange gained 15.71 points or 0.22 percent to end at 7,113.22 as some investors saw an opportunity to re-enter the market after the selldown in the past three days.

The day’s rebound was led by the mining/oil (+4.09 percent) and property (+1.08 percent) counters. On the other hand, holding firms and services remained in the red.

Value turnover amounted to P9.46 billion. There were 91 advancers against 67 decliners while 46 stocks were unchanged.

The day’s index gains were led by Universal Robina Corp. (+4.64 percent) and Philex Mining (+2.22 percent) while Energy Development Corp., Jollibee, Ayala Corp., Ayala Land Inc., Megaworld, Belle Corp. and Bloomberry all rose by more than 1 percent.

Other contributors to the day’s gains were SM Prime, SM Investments and PLDT. Doris C. Dumlao