PSEi gains for 2nd straight session, to retest 7,300

MANILA, Philippines — The local stock barometer firmed up for the second session in a row to retest the 7,300 level even as most regional markets declined alongside the slump in oil prices.

The Philippine Stock Exchange index gained 37.35 points or 0.51 percent to close at 7,331.73.

The property counter, which rose by 1.1 percent, led the day’s gains, making up for the slump in the mining/oil counter (-1.91 percent).

The holding firm and services counters also contributed gains while the financial and industrial sub indices closed in negative territory.

Value turnover for the day amounted to P7.05 billion. There were nearly twice as many decliners (118) as there were advancers (62) while 41 stocks were unchanged.

ALI (+2.65 percent) led the property counter. It was reported that the property firm had expressed interest in challenging SM Prime’s reclamation project with the city of Parañaque.

Gokongwei-led stocks URC (+0.36 percent) and JG Summit (+3 percent) also helped the PSEi’s rise.

PLDT, First Gem, AP and AGI also contributed to the day’s gains.

On the other hand, the day’s gains were tempered by the decline of Petron (-3.42 percent) and GTCAP (-2.31 percent) while shares of SM Prime, AC, BDO, EDC and Metrobank also declined.

Meanwhile, PSPC was flat on listing date.