PSEi continues to rise

The local stock barometer firmed up for the third session in a row Tuesday despite a generally sluggish regional market.

The Philippine Stock Exchange index (PSEi) added 12.5 points or 0.17 percent to close at 7,344.23.

All counters were up as investors picked up selected large-cap stocks. Despite the PSEi’s slight rise, there were more decliners (91) than advancers (83) in the broader market. Value turnover amounted to P8.9 billion.

Meanwhile, the listing of tech stock Xurpas brought excitement to the market. Its share price rose nearly 50 percent from the initial public offering (IPO) price (See story on page B2).

The PSEi was led higher by Megaworld (+2.38 percent) while RLC, AP and GT Capital all gained more than 1 percent. URC, AC, BDO, SM Prime, Jollibee, EDC and AGI also contributed to the index gains.

Outside of PSEi stocks, Melco Crown (+3.56 percent) was one notable gainer ahead of the opening of City of Dreams Manila while SSI and Vista Land gained more than 2 percent.

On the other hand, share prices of Metrobank, Bloomberry and LTG declined.

Local stockbrokerage DA Market Securities said that with the market now trading right under the 7,413 major resistance and all-time high, a potential piercing of this level would indicate a more bullish bias. Doris C. Dumlao