Index closes higher after 2-day slump

The local stock barometer recorded a modest gain on Monday after a two-day slump, tracking mostly buoyant regional markets.

The Philippine Stock Exchange index recouped 32.6 points or 0.46 percent to close at 7,083.49, again moving closer to the 7,100 mark. Across the region, stock markets were mostly higher as investors wait and see if China would adopt additional economic stimulus.

The day’s gains were led by the industrial and holding firms. The mining/oil and property indices were also firmer.

The services counter, on the other hand, slipped by 1.08 percent—weighed down by PLDT, which fell by 3.07 percent. The telecommunications giant succumbed to profit-taking after a sharp rise in the last few weeks driven by its bigger weight in the MSCI. The rebalancing took effect at the end of the last trading day of August.

EDC, likewise one of the local market’s top gainers for the month of August, also fell by 2.2 percent.

On the other hand, the PSEi’s upswing was led by Globe Telecom (+5.06 percent) as some investors switched to this other telco play after pocketing gains from PLDT.

GTCAP also aided the index with its 3.19-percent rise. Semirara, SMIC, DMCI, Megaworld, URC and Jollibee all gained by 2 percent while JG Summit and AP also contributed to the day’s gains, both rising by over 1 percent. AEV and ICTSI also contributed to the day’s gains. Doris C. Dumlao