Stocks close slightly higher

The local stock market modestly firmed up at close Tuesday after a rough trading for most of the day ahead of the US Federal Open Market Committee meeting.

The main-share Philippine Stock Exchange index gained 3.65 points or 0.06 percent to close at 6,543.46 in mixed trade, ending a two-day decline.

The index gains were led by the industrial, holding firm and services counters while the financial, mining/oil and property counters slipped.

Value turnover amounted to P6.44 billion. Despite the PSEi’s rise, market breadth was negative as there were 60 advancers, which were outnumbered by 77 decliners, while 51 stocks were unchanged.

The day’s index outperformer was Globe (+4.93 percent), followed by SMIC and MPI, which both advanced more than 2 percent.  ALI, RLC, LTG, EDC and Philex gained more than 1 percent while Petron and DMCI also added to the day’s gains. PLDT (+0.14 percent), the day’s most actively traded stock, also contributed a modest increase.

On the other hand, the day’s biggest index decliner was SMPH (-5.52 percent) after the clarification that its weight on the PSEi has yet to increase. SMC, GTCAP, Metrobank, Bloomberry, Semirara and AGI all declined by more than 1 percent. Shares of URC, AEV and FGEN also dipped.

The intra-day recovery was likewise influenced by a regional rebound. The Fed is not expected to signal any change to its monetary settings in the upcoming meetings. Doris C. Dumlao