PSEi firms up

The local stock barometer firmed up Monday, tracking relatively buoyant regional markets in turn backed by optimism on US corporate earnings.

The Philippine Stock Exchange index (PSEi) gained 21.81 points or 0.32 percent to close at 6,874.88.

The day’s upswing was led by the mining/oil counter, perked up by Philex Mining (+3.21 percent) on reports that its exploration unit, Philex Petroleum, was planning to rekindle discussions with China’s CNOOC for oil exploration in the Recto Bank in offshore Palawan.

The industrial, holding firm and services counters also gained while the cyclical financial and property counters ended lower.

Value turnover for the day amounted to P5.44 billion. There were 90 advancers that narrowly beat 85 decliners while 47 stocks were unchanged.

Local investors supported the market’s gain yesterday as foreign investors posted a net selling position of about P780 million.

Apart from Philex, the PSEi was also boosted by the gains of LT Group (+5.3 percent) and DM Consunji Inc. (+1.47 percent). SM Prime Holdings and Megaworld also firmed up.

JG Summit gained 0.78 percent as food unit URC announced a deal to take over the largest biscuit and snack food company in New Zealand. Trading on URC was suspended yesterday. Doris C. Dumlao