PSEi firms up slightly

The local stock barometer slightly firmed up after a rough start Friday even as the US Federal Reserve effect waned.

The Philippine Stock Exchange index (PSEi) added 3.83 points or 0.05 percent to close at 7,818.38.

The day’s marginal gains were led by the financial, industrial, mining/oil and property counters while the holding firm and services sub-indices slipped.

Value turnover amounted to P9 billion. Despite the PSEi’s gain, there were more decliners (109) than advancers (73) in the broader market as investors turned selective. There were 40 stocks whose prices were unchanged.

Bloomberry led the PSEi gainers, rising 3.25 percent while URC and SMPH rose more than 2 percent. Semirara, JG Summit, Jollibee and Metrobank advanced by more than 1 percent.

Outside of PSEi stocks, DNL, RRHI and Security Bank gained more than 2 percent.

On the other hand, the PSEi’s gains were capped by the 3.34-percent decline of SMC while PLDT, EDC, GTCAP and AGI all slumped by more than 1 percent. Megaworld, SMIC and BDO also slipped.

Local stockbrokerage DA Market Securities said the local market was showing profit-taking pressure but currently still holding within the consolidation range between 7,700 and 7,862 levels. Doris C. Dumlao