PSEi recovers to 7,600 level

The local stock barometer climbed back to the 7,600 level on Thursday as investors were relieved over the US Federal Reserve’s pronouncement of a “gradual” rise in interest rates.

The main-share Philippine Stock Exchange index (PSEi) gained 70.55 points or 0.94 percent to close at 7,606.86. This was after the US Fed, at the end of a two-day policy meeting, signaled a slow pace of interest rate tightening.

Across the region, trading sentiment was mixed.

At the local market, the day’s upswing was led by the industrial, holding firm as well as the interest rate-sensitive property counters. All these sub-indices rose more than 1 percent while the financial counter eked out a more modest gain.

The services and mining/oil counters, on the other hand, ended in the red.

Value turnover for the day was thin at P6.9 billion. Market breadth turned positive, with 89 advancers beating 71 decliners while 42 stocks were unchanged.

Local investors still kept the index afloat as the day was marked by about P1.14 billion in net foreign selling.

Megaworld led the PSEi’s rise, gaining 3.53 percent, while URC, AC, JG Summit and AGI all advanced more than 2 percent. BDO and EDC were up by more than 1 percent.

GTCAP, SM Prime, SMIC, Metrobank and BPI also contributed modest gains.

On the other hand, there was profit-taking on Globe, which fell 0.61 percent and was the most actively traded company. Telecom peer PLDT, an index heavyweight, was also down 0.28 percent. Jollibee and DMCI shares also slipped. Doris Dumlao-Abadilla