Banking issues lift market

The local stock barometer returned to positive territory on Tuesday on the back of upbeat US economic data.

The main-share Philippine Stock Exchange index (PSEi) 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).

Value turnover for the day amounted to P7.05 billion. There were 107 advancers that beat 70 decliners while 44 stocks were unchanged.

The day’s gains were led by BPI and Metrobank, which both rose more than 2 percent, thereby lifting the financial counter.

SM Prime (+1.18 percent) likewise contributed to the day’s gains together with PLDT, SM Investments Corp., BDO, Alliance Global Inc., Ayala Land 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 Aboitiz Power ended lower. Doris C. Dumlao