PSEi bounces back to 7,600 level

The local stock barometer returned to the 7,600 level yesterday as foreign investors started to pick up more local equities.

The Philippine Stock Exchange index rebounded by 86.79 points or 1.15 percent to close at 7,627.96, tracking mostly buoyant regional markets.

There was net foreign buying worth about P663 million that helped bring back the index above the 7,600 barrier.

The day’s gains were led by the holding firm and property counters which respectively advanced by 1.85 percent and 1.24 percent.

The industrial and services counters also firmed up.

The mining/oil counter was the only counter that slipped, still weighed down by the decline of Semirara (-0.81 percent) as investors second-guessed how long the operations of the open pit coal Panian mine in Antique would remain suspended after the tragic collapse of a wall on Friday.

Value turnover for the day amounted to P6.6 billion. There were 99 advancers that outnumbered 75 decliners, while 43 stocks were unchanged.

LTG led the PSE’s rise, having advanced by 7.38 percent while Bloomberry (+5.21 percent) and AGI (+4 percent) also surged.

JG Summit and AC advanced by over 2 percent while SMPH, BDO, ALI and Metrobank all gained by over 1 percent. URC, Globe and DMCI rose modestly.

Outside of PSEi stocks, the notable gainers were DoubleDragon (+8.86 percent), Travellers (+7.12 percent), Melco (+7.94 percent) and RRHI (+3.22 percent) which all advanced in heavy volume. Doris Dumlao-Abadilla