PSEi back at 7,200

The main-share Philippine Stock Exchange index (PSEi) added 44.74 points or 0.62 percent to close at 7,215.73. Elsewhere in the region, markets were perked up by news that the US economy had grown at a faster-than-expected pace of 3.5 percent in the last quarter. Investors also welcomed news that the Government Pension Investment Fund of Japan would boost investment in equities.

For the week, the PSEi gained a total of 112.18 points or 1.6 percent.

At the local market, all counters gained ground. Value turnover amounted to P9.7 billion. There were 100 advancers that edged out 72 decliners while 47 stocks were unchanged.

Joseph Roxas, president of Eagle Equities Inc., said the market was not aided by month-end window-dressing. “It’s really strong,” he said, noting the strength of US equities overnight.

The Dow Jones industrial index racked up 187.81 points to 17,005.75, giving a favorable backdrop to regional markets.

The day’s gains in the local market were led by tycoon Andrew Tan-related stocks. AGI was up 3.27 percent and Megaworld by 1.64 percent. Travellers, another Tan company but one which is not part of the PSEi, surged 4.92 percent.

Bloomberry, the first to open an integrated gaming resort along Manila Bay, rose 2.78 percent.

A non-PSEi gaming stock, Melco Crown, surged 3.59 percent ahead of the opening of its City of Dreams Manila.

BDO, EDC, URC, Jollibee, AC and ICTSI likewise contributed to the day’s gains, all rising more than 1 percent.

PLDT, ALI and Semirara also helped the PSEi’s rise.

Outside of PSEi stocks, there was strong interest in Vista Land (+2.5 percent).

On the other hand, SMIC (-0.19 percent) and BPI (-1.04 percent) bucked the day’s upswing. Doris C. Dumlao