PSEi firms up

AP FILE PHOTO

The local tock barometer firmed up Friday as a rebound in US and regional markets rekindled risk-taking after a two-day pullback.

The main-share Philippine Stock Exchange index (PSEi) recovered 50.77 points or 0.71 percent to close at 7,247.03 as investors bought when the market dipped in the last few days.

All counters were up but the biggest gainers came from the financial and mining/oil counters, which both advanced by more than 1 percent.

Value turnover for the day amounted to P8.92 billion. There were 96 advancers against 68 decliners while 49 stocks were unchanged.

BDO led the PSEi’s rise, rising by 3.02 percent, while DMCI and GTCAP both gained more than 2 percent. BPI and Megaworld rose by over 1 percent while PLDT, ALI, SMIC, AGI, ICTSI and Meralco also firmed up.

Outside of the PSEi, notable gainers were Nickel Asia (+4.66 percent), which rebounded from the previous day’s selldown, while VLL (+1.67 percent) and RRHI (+0.66 percent) also rose in heavy volume.

On the other hand, JG Summit fell by 1.57 percent while URC also slipped. Outside of large-cap stocks, Abra Mining fell by 6.33 percent after a speculative rally.

Local stockbrokerage DA Market Securities said that with the index now approaching a formidable resistance at 7,300, any lack of momentum would increase the likelihood of a consolidation or correction.

“We recommend a pyramid-buying strategy, buying bigger lots should the market dip to lower support levels,” the brokerage said. Doris C. Dumlao