PSEi back at 7,500

The Local stock barometer climbed back to the 7,500 level yesterday, tracking mostly upbeat regional markets.

Rising for the second straight session, the Philippine Stock Exchange index (PSEi) added 27.56 points or 0.37 percent to close at 7,510.39. Most markets across the region also traded higher amid lack of clear cut signal from the US Federal Reserve on how soon the much-anticipated interest rate increases will come.

The financial, holding firm, services, mining/oil and property counters all edged higher while the industrial counter was the only sector that ended in the red.

Local investors kept the market afloat as there was P460 million in net foreign selling at the local bourse.

As more buying was focused on selected large caps, there were more decliners (87) than gainers (80) even if the main index had gained.

Value turnover for the day amounted to P7.11 billion.

The PSEi was led higher by Globe, PLDT, SM Prime, Megaworld and ICTSI ahead of their second-quarter corporate earnings reporting.

Metrobank, ALI, SMIC, Meralco and EDC also contributed gains.

One notable gainer outside the PSEi was food and plastics input manufacturer DNL.

On the other hand, AP, AGI, GTCAP, URC, AC and Jollibee declined. Doris Dumlao-Abadilla