PSEi back to 7,000 level

THE LOCAL stock barometer returned to the 7,000 mark on Thursday as risk appetite improved across the region alongside fading expectations on the US Federal Reserve’s interest rate hike.

The Philippine Stock Exchange index surged by 120.63 points or 1.74 percent to close at 7,045.40.  Stock markets were mostly upbeat as the latest US macroeconomic data supported views that US interest rates might not rise too soon.

At the local market, one notable gainer was gaming stock Bloomberry, which went up by 10.83 percent on the back of improved prospects for Macau’s gaming industry. Non-PSEi peer Melco also jumped by 4.16 percent in heavy trade.

Expectations of stronger than expected gaming revenue in Macau this month boosted the local gaming sector.

Value turnover at the PSE stood at P5.99 billion.  There were 121 advancers, 66 decliners, while 37 stocks were unchanged.

Metrobank was another notable gainer, rising by 4 percent. SMIC, ALI, Globe, BPI and JG Summit were all up by more than 2 percent while SM Prime, BDO and Megaworld rose by more than 1 percent.

Meralco, URC, Jollibee and AC also firmed up. Doris Dumlao-Abadilla