PSEi back at 7,100

The local stock barometer surged back to the 7,100 level yesterday as regional markets cheered the US Federal Reserve’s stance to be “patient” in its interest rate increases.

Firming up for a second straight session, the Philippine Stock Exchange index (PSEi) racked up 96.35 points or 1.37 percent to close at 7,125.63.

Value turnover was heavy at P20.3 billion, including block trades.

All counters were up but the biggest gainers were the financial, industrial and holding firm counters, which all rallied by more than 1 percent.

There were 119 advancers that overwhelmed 62 decliners while 26 stocks were unchanged.

Universal Robina Corp., Ayala Corp., Megaworld and JG Summit led the PSEi’s rise, all gaining more than 2 percent. SM Investments Corp., Ayala Land, BDO, Metrobank, Metro Pacific Investments Corp. and Robinsons Land also rose by more than 1 percent while PLDT, SM Prime, Alliance Global Group Inc. and GT Capital also contributed to the day’s gains.

One notable gainer was Max’s Group, which surged by 12.37 percent in heavy trade.

On the other hand, Energy Development Corp. and Bloomberry bucked the day’s upswing.

US stock indices posted their best single-day gains for the year after the US Fed indicated a more accommodative stance after a much-awaited meeting.

“We are currently seeing attractive values in the market as an opportunity to bargain-hunting for portfolio positioning for 2015,” said local stock brokerage DA Market Securities.

DA Market said the strategy would be to “accumulate between support levels at 7,000 and below, employing a pyramid tranche buying strategy or wait for more signals to indicate a bottom and more certain recovery.” Doris C. Dumlao