The local stock barometer crept higher for a third straight session Tuesday in anticipation of semester-end window-dressing activities.
The main-share Philippine Stock Exchange index (PSEi) gained 31.08 points or 0.46 percent to close at 6,793.07 a share.
“Local stocks are expected to rally ahead of semestral window-dressing but this will likely be short-lived due to concerns on inflation and rising oil prices,” said Manny Cruz, chief strategist at local stockbrokerage Asiasec Equities Inc.
Cruz said the rally might encounter resistance at 6,830 but if this would be breached, there could be a “very strong” barrier at 6,916.
By counter, the day’s biggest gainer was the holding firm sub-index, which rose 1.04 percent. The financial, industrial and property counters likewise firmed up.
On the other hand, the services and mining/oil counters slipped.
Value turnover for the day amounted to P7.67 billion. There were 110 advancers that edged out 69 decliners while 45 stocks were unchanged.
The PSEi was led higher by SM Investments Corp. (+2.38 percent), the day’s most actively traded stock alongside DMCI (+1.21 percent). Metrobank, Alliance Global, First Gen, GT Capital, PLDT, SM Prime, URC, BPI, EDC and Megaworld were also up.
Outside of the main index, Belle (+5 percent) was a notable gainer.
On the other hand, there was profit-taking on Philex (-1.72 percent) as well as on Ayala Corp., Ayala Land and Globe Telecom. Outside of PSEi stocks, Travellers (-1.1 percent) and Security Bank
(-0.91 percent) likewise slipped in relatively heavy volume.
GMA7 shares were up 3.24 percent to close at P7.65 a share following a disclosure that San Miguel Corp. president Ramon Ang was coming in as a fourth key shareholder. Doris C. Dumlao