PSEi firms up as Wall Street rallies

The local stock barometer firmed up slightly on Friday as investors were emboldened by the overnight rally in Wall Street.

The Philippine Stock Exchange index (PSEi) gained 10.34 points or 0.15 percent to close at 7,055.74 in mixed trade, tracking mostly firmer markets across the region.

For the week, the PSEi lost 83.17 points or 1.2 percent as fresh concerns on the Chinese economy triggered profit-taking earlier in the week. This was, however, tempered by fading expectations of higher US interest rates this year.

Yesterday, the PSEi’s gain was backed by the industrial and services counters, which both advanced more than 1 percent, while the financial, holding firm, property and mining/oil counters tumbled. Value turnover for the day amounted to P8.31 billion. Despite the PSEi’s gain, market breadth was negative as there were slightly more decliners (88) than advancers (84).  Doris Dumlao-Abadilla