PSEi gains 53.31 pts, closes at 7,100 level

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

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

Stock markets in the region 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.

However, the industrial and mining/oil counters faltered.

Value turnover hit P8.24 billion.  There were 102 advancers and 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.  But local investors made up for the slack in foreign investor appetite. Doris Dumlao-Abadilla