The local stock barometer shook off early losses to end in positive territory on Wednesday, led by Gokongwei-led companies.
The main-share Philippine Stock Exchange index (PSEi) recouped 30.83 points, or 0.41 percent, to close at 7,536.31 as investors selectively loaded up on large-cap stocks during the recent dips.
The local market tracked regional markets, which mostly firmed up ahead of the issuance of the latest US Federal Reserve policy guidance.
A two-day meeting by US Fed policy makers was set to close by Wednesday. Market players, most of whom are anticipating a hike in US interest rate by September, are awaiting for further clues on monetary policy.
By sector, the day’s gain was led by the industrial counter, which rose by 1.53 percent while the holding firms and property counters likewise gained.
On the other hand, the services and mining/oil counters slipped.
Total value turnover for the day amounted to P8.5 billion.
Despite the PSEi’s gain, market breadth was negative as there were more decliners (90) than advancers (77).
Gokongwei-led stocks led the PSEi’s rise, with URC rising by 5.49 percent and its parent conglomerate JG Summit gaining 4.19 percent.
Megaworld also contributed to the PSEi’s gain, ending 2.12 percent higher while BDO also rose by 1.21 percent.
Semirara, Jollibee, Ayala Corp. and SM Prime also aided the PSEi.
On the other hand, the PSEi’s rise was curbed by the decline of PLDT and SMIC which both fell by over 1 percent. AGI, Metrobank, ALI, GTCAP, Globe and BPI also slipped.–Doris Dumlao-Abadilla