PSEi firms up on Wall Street optimism
MANILA, Philippines — The local stock index firmed up on Wednesday as upbeat trading overnight on Wall Street boosted regional markets.
The main-share Philippine Stock Exchange index added 26.57 points or 0.38 percent to close at 7,093.31.
All counters were up but the biggest gainer was the property sub-index which edged higher by 1.24 percent.
Philippine Stock Exchange. AP FILE PHOTO
Turnover for the day amounted to P7.64 billion. There were 107 advancers that beat 72 decliners while 34 stocks were unchanged.
The PSEi was led higher by SM Prime, which gained 3.76 percent while JG Summit rose by 2.52 percent. DMCI also went up by 1.06 percent.
URC, Bloomberry, ALI, BDO, BPI and SMIC also contributed to the day’s gains.
Many second- and third-liner stocks were actively traded as investors who had earlier profited from large-cap stocks rotated their money.
Unioil hit the maximum volatility cap, rising by 50 percent while Melco rose by 3.23 percent ahead of the opening of its integrated resort City of Dreams Manila, a partnership with PLC which likewise surged by 7.82 percent.
Puregold gained by 3.85 percent and VIsta Land by 1.35 percent.
On the other hand, PLDT dropped by 1.07 percent while AC, EDC and Semirara likewise slipped.
Across the region, stock markets mostly rose to one-month highs on Wednesday, riding on Wall Street optimism on US corporate earnings.
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