PSEi ends closer to 6,700

AP file Photo/Aaron Favila

THE LOCAL stock barometer firmed up close to the 6,700 mark on Monday as China’s higher fix for the yuan boosted most regional markets.

The Philippine Stock Exchange index gained 38.13 points or 0.57 percent to close at 6,692.58, aided by the rebound in gaming stocks.

The index retested 6,700 in intra-day trade but settled slightly below this level at closing.

Across the region, a stronger fix for the yuan eased fears that the Chinese currency may further be devalued.

At the local market, the PSEi was led higher by the industrial, services and property counters which all rose by over 1 percent.

Only the financial counter ended in the red for the day.

Total value turnover for the day amounted to P6.05 billion. There were 138 advancers which edged out 46 decliners while 35 stocks were unchanged.

Gaming stock Bloomberry led the PSEi higher with its 11.44 percent gain as investors started to revisit oversold gaming stocks. Petron was likewise a big gainer with its 10.21 percent rise.

EDC gained 2.12 percent while PLDT, SM Prime and FGEN rose by over 1 percent.

URC, MPI, Metrobank, Globe, AC and SMIC also contributed to the PSEi’s gains.

Outside of the PSEi, another gaming stock Melco gained by 4.76 percent in relatively heavy volume while Max’s rose by 0.67 percent.

On the other hand, BDO slipped by 1.31 percent while Jollibee and BPI also slipped.

There was likewise profit-taking on Security Bank which slipped by 2.09 percent.