Stock index gains 0.35%

The local stock barometer on Friday rose back to the 7,100 mark on the back of selective buying of large-cap stocks.

The main-share Philippine Stock Exchange index gained 24.88 points or 0.35 percent to close at 7,117.78, rising for the third straight session ahead of the third quarter local corporate earnings reporting season.

All counters were up but the biggest gainer was the mining/oil sub-index which firmed up by 1.34 percent.

Value turnover for the day hit P5.69 billion.  There was a modest net foreign buying for the day worth P68 million.

Despite the PSEi’s rise, market breadth was negative.  There were 82 advancers and 93 decliners, while 42 stocks were unchanged.

Megaworld led the PSEi higher with a 3.6-percent rise.