The local stock barometer firmed up for the second session in a row on Tuesday as selective large-cap buying allowed the main index to defy the regional downturn seen after China’s surprise move to devalue the yuan.
The Philippine Stock Exchange index (PSEi) gained 36.1 points or 0.48 percent to close at 7,570.45.
Newly listed SBS sizzled for a second day in a row after listing on the local bourse, gaining 35.92 percent to close at P5.60 a share. This was on the back of an asset property play amid revelations that the company had P8 billion to P10 billion worth of property assets that were not factored in in the initial public offering price. It was the day’s most actively traded stock.
Among PSEi stocks, Petron and Semirara led the day’s gains, respectively rising 10.99 percent and 8.05 percent. DMCI rose 5.57 percent, riding on Semirara’s rebound. ALI advanced by 2.23 percent while URC and AGI both gained more than 1 percent. BDO, SMIC, SM Prime, AP and MPI also contributed to the day’s gains.