PSEi rises slightly

THE LOCAL stock barometer returned to positive territory yesterday on the back of selective buying, with telecom firm Globe Telecoms leading the rally.

The Philippine Stock Exchange index (PSEi) added 10.62 points or 0.13 percent to close at 7,881.93 in mixed trade.

The day’s gains were led by the industrial, services and property counters while the financial, holding companies and mining/oil firms remained in the doldrums.

Value turnover for the day amounted to P8.8 billion. Despite the modest PSEi gain, there were more decliners (86) than advancers (85) in the broader market while 51 stocks were unchanged.

Globe, which reported strong first-quarter results last week, led the PSEi’s upswing for the day. Another notable PSEi gainer was Universal Robina Corp., which was up 2.46 percent.

GT Capital, PLDT and Ayala Corp. also contributed to the day’s gains, all rising more than 1 percent.

GTCAP has been gaining recently on news of its inclusion in the MSCI global index. Doris Dumlao-Abadilla