PSEi climbs to 7,100 level

THE LOCAL stock barometer ascended to the 7,100 level on Wednesday, riding on buoyant regional markets.

The Philippine Stock Exchange index added 53.31 points or 0.76 percent to close at 7,108.80, rising for the third straight session.

Across the region, stock markets were mostly lifted by a rebound in global oil prices.

At the local market, the day’s gains were led by the services and property counters which respectively surged by 1.74 percent and 2 percent. Holding firms and financial counters were modestly higher.

On the other hand, the industrial and mining/oil counters faltered.

Value turnover for the day amounted to P8.24 billion. There were 102 advancers which edged out 80 decliners while 38 stocks were unchanged.

For the first time in five days, foreign investors became net sellers in the local market, resulting in P650 million in net outflows. Local investors, however, made up for the slack in foreign appetite.

One notable outperformer for the day was Bloomberry, which gained by 6.14 percent.

Index heavyweight PLDT, the day’s most actively traded stock, rose by 3.3 percent on prospects of good earnings for the third quarter.

LTG and AGI likewise gained sharply, rising respectively by 4.55 percent and 3.91 percent.

ALI, MPIC, SM Prime and Megaworld all rose by over 2 percent.

BDO, Metrobank and Meralco all firmed up for the day.

On the other hand, ICTSI slipped by 1.16 percent while URC, GTCAP, SMIC and JG Summit also faltered.