PSEi back at 6,800

The local stock barometer climbed back to the 6,800 level yesterday, tracking the recovery seen across the region ahead of a closely watched monetary meeting by the US Federal Reserve.

The Philippine Stock Exchange index (PSEi) recovered 106.37 points or 1.59 percent to close at 6,807.72.

Regional markets also mostly recovered after a six-day slump ahead of the US Fed meeting. At the end of its two-day meeting on Dec. 16, the US Fed is expected to raise its targeted interest rate for the first time in a decade.

All counters were up but the biggest gain was made by the property counter, which rose by

2.2 percent. The holding firm and services counters also gained more than 1 percent.

Value turnover for the day stood at P5.81 billion. There were 94 advancers that edged out 61 decliners while 39 stocks were unchanged.

The PSEi was led higher by Robinsons Land Corp., which gained 4.53 percent, while Ayala Land Inc., Ayala Corp., Metrobank, Globe Telecom and Energy Development Corp. all rose by more than 3 percent. PLDT, SM Investments Corp., Megaworld and Alliance Global Group Inc. were up by more than 2 percent while SM Prime Holdings, BPI and Metro Pacific rose by more than 1 percent. GT Capital and Jollibee also firmed up. Doris Dumlao-Abadilla