PSEi firms up on progress on US budget talks

PSE index as of 03:46 PM, October 11, 2013

MANILA, Philippines–Most local stocks gained Friday  on encouraging signs that US lawmakers will hammer out a debt ceiling deal that will avert a debt default.

The main-share Philippine Stock Exchange index added 53.83 points or 0.84 percent to close at 6,489.80. For the week, the index advanced by 99.32 points or 1.55 percent as it firmed up in four out of five trading days.

Value turnover amounted to P8.8 billion. There were twice as many advancers as there were decliners for the day as investors took heart from signs that the budget impasse in the United States–now in the second week of a government shutdown–will be resolved.

The day’s biggest PSEi gainers were DMCI (+3.91 percent) and AP (+3.1 percent) while BDO, AEV and ICTSI all advanced by more than 2 percent. Globe, AC, Metrobank, Semirara, BPI and SMIC also gained more than 1 percent.