PSEi firms back to 7,600

THE LOCAL stock barometer firmed up back to the 7,600 level on Friday, aided by month-end and quarter-end window-dressing activities.

The Philippine Stock Exchange index added 40.14 points or 0.53 percent to close at 7,622.05. Across the region, trading was muted by jitters over Greek debt negotiations.

The day’s gains were led by the holding firm counter which rose by 1.07 percent while the financial, industrial and services counters also posted gains.

On the other hand, the mining/oil and property counters slipped.

Despite the overall gain, market breadth was negative as there were more decliners (91) than advancers (84).

Holding firms SMIC and JG Summit led the index higher, both rising by 2 percent while BDO, DMCI and Jollibee gained over 1 percent.

PLDT, Metrobank, URC, ALI, Globe, Meralco and ICTSI also contributed to the day’s gains.

Among the non-PSEi stocks that gained in heavy volume were RRHI (+0.2 percent) and Nickel Asia (+1.66 percent).

The PSEi’s gains were curbed by the decline of MPI and Megaworld, which both slipped by over 1 percent while SM Prime, GTCAP and AC also tumbled.

Across the region, trading was muted by concerns on whether Greece could strike a deal with creditors to avoid a debt default.