PSEi firms up

MANILA, Philippines–The local stock barometer firmed up back to the 7,200 level on Tuesday on the back of mostly upbeat emerging market trading alongside the rebound of index heavyweight PLDT.

The main-share Philippine Stock Exchange index (PSEi) added 12.43 points, or 0.17 percent, to close at 7,204.55.

The day’s gains were led by the industrial, holding firm, services and property counters. The financial and mining/oil counters declined for the day.

Value turnover for the day amounted to P12.4 billion, including the cross transaction on Bloomberry.

Bloomberry raised P5.6 billion from the sale of shares through a “top-up” equity offering priced at P13 each.

PLDT stabilized after last week’s slump, rising by 1.56 percent. ALI, EDC, Metrobank and Megaworld also rose more than 1 percent, contributing to the PSEi’s gain.

Despite the PSEi’s rise, market breadth was negative as there were 89 advancers, which were outnumbered by 96 decliners, while 40 stocks were unchanged.–Doris C. Dumlao