PSEi continues to recover

The local stock barometer rose for the third straight session on Tuesday even as regional markets were mostly lower ahead of the US Federal Reserve’s much-awaited policy meeting later this week.

The Philippine Stock Exchange index (PSEi) added 19.83 points or 0.28 percent to close at 7,089.01, shrugging off a regional downturn. Elsewhere in the region, stock markets were mostly lower following an overnight decline of the Dow Jones industrial index. On Sept. 16 to 17, the US Federal Reserve is set to discuss whether or not to increase interest rate for the first time in a decade.

At the local market, the day’s gains were led by the financial and industrial counters, which both rose more than 1 percent, while the property counter also firmed up.

On the other hand, the holding firm, services and mining/oil counters declined.

Value turnover for the day was heavy at P65.01 billion as the AEV-CRH group executed its P59.2-billion deal to buy 99.09 percent of local cement firm LaFarge Republic Inc. (LRI). LRI shares were crossed at the stock market on Tuesday.

There were 89 advancers that edged out 72 decliners while 36 stocks were unchanged.

The day’s gains were led by FGEN, which rose 7.73 percent, while EDC gained 3.83 percent. EDC said on Tuesday that it had entered into a design and equipment supply contract with Hyundai Engineering Co., Ltd. and a construction services contract with Galing Power and Energy Construction Co. Inc. (Galing) for the 31-megawatt Bac-Man 3 geothermal power plant in Sorsogon City.

Megaworld and Metrobank both advanced more than 4 percent while DMCI went up by 3 percent. Meralco gained 2 percent. BDO, URC and AGI all rose more than 1 percent while SM Prime, GTCAP, Globe and MPI also firmed up.

On the other hand, investors sold down PLDT, which lost 2.41 percent, while ALI, AC and JG Summit also slipped.

The Shanghai stock market slumped by 109.63 points or 3.52 percent. Doris Dumlao-Abadilla