PSEi jumps to 6,850 on upbeat factory data from US, China

By: Doris C. Dumlao - 10 years ago

Filipino traders at Philippine Stock Exchange, Makati. AP FILE PHOTO

MANILA, Philippines — The local stock barometer got a boost on Wednesday from upbeat factory data out of the world’s two largest economies.

The main-share Philippine Stock Exchange index added 23.99 points or 0.35 percent to close at 6,850.60, tracking the upswing in most regional markets due upbeat manufacturing data from the US and China for June.

Value turnover for the day amounted to P7.03 billion. There were 95 advancers, which slightly edged out 93 decliners while 40 stocks were unchanged.

Only the property counter slipped for the day ahead of the release of the country’s June inflation rate.

The PSEi’s gains were led by Ayala, BPI and Globe, which all gained by over 1 percent while AGI, Metrobank, SMIC, URC, Megaworld, SM Prime, Jollibee and GTCAP also contributed to the upswing.

On the other hand, the local barometer’s gains were tempered by the decline of ALI, DMCI and Bloomberry, which all lost over 1 percent of their stock value while shares of PLDT also fell.

Outside of the main index, Travellers and Nickel fell by over 1 percent.

Based on recent reports, the Bureau of Internal Revenues did not appear to be too happy with the compromise between gaming firms and the Philippine Amusement & Gaming Corp. on the reduction in license fees. As such, gaming firms like Travellers and Bloomberry dipped.