PSEi continues to rise

MANILA, Philippines–The local stock barometer firmed up for a second straight session on Wednesday as the market digested a mix of local corporate earnings and developments.

The main-share Philippine Stock Exchange index (PSEi) gained 28.32 points, or 0.39 percent, to close at 7,232.87, likewise tracking buoyant US markets.

“It’s a confluence of factors on earnings and corporate developments. The market has been awaiting for catalysts to move the market,” said Manny Cruz, chief strategist at Asiasec Equities.

The gains were led by the property counter, which rose by 1.01 percent. Only the holding firm sub-index closed lower for the day.

Value turnover for the day amounted to P8.12 billion. Despite the PSEi’s rise, market breadth was negative as 90 decliners outnumbered 85 advancers while 41 stocks were unchanged.

Bloomberry, the day’s most actively traded stock, rebounded by 2.9 percent after a share-sale deal on optimism over the gaming firm’s overseas expansion plans.

Another notable PSEi gainer was EDC, which surged 3.04 percent on news that its 150-megawatt Burgos wind farm had received eligibility from the government for the feed-in-tariff system.

Overall, Cruz said the third-quarter earnings stream seemed to balance the good and bad results. While index heavyweight PLDT had weighed down the market, he said other corporate results were either in line or marked an outpeformance.–Doris C. Dumlao