PSEi ends marginally higher

The local stock barometer eked out modest gains in mixed trade on Monday amid lackluster regional markets.

The Philippine Stock Exchange index (PSEi) gained 1.83 points or 0.02 percent to close at 7,534.35.

The gains were led by the industrial counter, which rose 1.22 percent, while the financial counter was also slightly higher.

The holding firms, services, mining/oil and property counters all ended in negative territory.

Value turnover for the day amounted to P5.81 billion. There were 84 advancers that beat 76 decliners while 48 stocks were unchanged.

Petron and URC led the PSEi higher, respectively rising 5.47 percent and 3.1 percent.

Megaworld gained 2.15 percent while BDO, Semirara and Meralco were all up more than 1 percent.

Globe, Metro Pacific Investments Corp., Ayala Corp., JG Summit and SM Prime also contributed to the PSEi’s gains.

Notable gainers outside of the PSEi included Cebu Air (+1.45 percent) and Melco Crown (+1.33 percent).

On the other hand, the day’s gains were tempered by index heavyweight PLDT, which tumbled 1.96 percent, while Metrobank and Ayala Land Inc. both fell by more than 1 percent.

Local stockbrokerage said the PSEi remained within trading range of 7,600-7,700 on the upside and 7,300 on the support side. Doris Dumlao-Abadilla