PSEi firms up

The local stock barometer firmed up slightly in mixed trade yesterday, tracking mostly upbeat trading in the region.

The Philippine Stock Exchange index (PSEi) added 3.8 points or 0.05 percent to close at 7,482.83. Gains were bigger in early trading but these were pared at closing. Across the region, markets were mostly buoyed by the overnight rally in Wall Street.

China’s battered stock market also curbed losses on hopes that China could manage the stock market rout. There has been a commitment from Chinese regulators to buy shares to stabilize stocks alongside the Chinese central bank’s hint of monetary easing.

At the local market, the financial, industrial and services counters kept the index afloat while the holding firms, mining/oil and property counters curbed the market’s rise.

Local investors supported local stocks as there was P380 million worth of net foreign selling for the day.

Value turnover amounted to P8.53 billion. There were 92 advancers that beat 75 decliners while 48 stocks were unchanged.

Globe and URC led the PSEi’s rise, both gaining more than 1 percent ahead of their second-quarter earnings reports. Metrobank, BDO, Semirara, SM Prime, JG Summit, GT Capital and Meralco also contributed modest gains.

Outside of the PSEi, Cebu Air gained 2.28 percent in heavy volume. Doris Dumlao-Abadilla