PSEi gains 11.28 pts

The local stock barometer firmed up on Wednesday on selective buying after a five-day decline.

The main-share Philippine Stock Exchange index added 11.28 points or 0.15 percent to close at 7,344.73, reversing losses in early trade as the second quarter corporate earnings season ended.

The day’s gains were led by the financial, industrial, services and mining/oil counters. Holding firms and property counters ended lower.

Value turnover stood at P5.99 billion. Despite the PSEi’s rise, market breadth was negative as there were 91 decliners that edged out 77 advancers, while 51 stocks were unchanged.

The day’s gains were led by Bloomberry and Semirara. PLDT, Megaworld, URC, Globe, MPI and EDC were up by over 1 percent.

AGI slumped by 6.25 percent. GTCAP, BDO, ALI, SMIC and DMCI also faltered.

In a research note, First Metro Securities said investors should expect the PSEi to remain range-bound this week, as it continues to test its next supports at 7,275 to 7,300. Doris Dumlao-Abadilla