PSEi firms up

THE LOCAL stock barometer firmed up on Wednesday as investors selectively picked up large-cap stocks after a five-day downturn.

The Philippine Stock Exchange index added 9.83 points or 0.14 percent to close at 6,848.25.

Despite the PSEi’s modest rise, market breadth was negative. There were only 67 advancers which were overwhelmed by 107 decliners while 48 stocks were unchanged.

Overall, investors were still cautious ahead of the US Federal Reserve’s much-anticipated hike in interest rates starting the middle of this month. Elsewhere in the region, stock markets were mostly lower due to concerns on the Chinese economy.

At the local market, the PSEi’s mild rise was led by the financial counter which advanced by 1.09 percent while the property and industrial counters also rose.

On the other hand, the holding firm, services and mining/oil counters slipped.

Value turnover was thin at P4.04 billion.

The PSEi was led higher by SM Prime which rose by 2.62 percent while Jollibee, Metrobank, BPI and BDO all gained over 1 percent.

URC, ICTSI, JG Summit and AP also contributed to the PSEi’s rise.

Outside of the PSEi, Xurpas was one notable gainer, ending 8.45 percent higher in heavy trade.

On the other hand, GTCAP and RLC fell by over 2 percent while Globe slipped by over 1 percent. ALI, AC, PLDT, SMIC and EDC also declined.

D&L tumbled by 1.12 percent in heavy trade.