PSEi firms up ahead of Lenten break

THE LOCAL stock barometer firmed up on Wednesday ahead of a long weekend break, overcoming an adverse knee-jerk reaction to the bloody terrorist attacks in Brussels.

The Philippine Stock Exchange index added 18.02 points or 0.25 percent to close at 7,360.05, aided by benign local inflation expectations and expectations of quarter-end window-dressing activities next week.

Financial markets will be closed for the rest of the week in deference to the Lenten season.

For the week, the PSEi managed to rise by 0.70 percent or 53.31 points.

“Market sentiment remained resilient despite the tragic terrorist attack in Brussels yesterday. US (Federal Reserve) Fed funds futures added further hikes for 2016, but the dollar failed to strengthen on higher US rates,” Citigroup said in a research note on Wednesday.

Locally, the Bangko Sentral ng Pilipinas kept its key interest rates unchanged during its monetary setting on Wednesday. Inflation forecast for this year was lowered to 2.1 percent from 2.2 percent previously while forecast for next year was also pared to 3.1 percent from 3.2 percent.

At the stock market, value turnover amounted to P6.14 billion. There were 102 advancers that edged out 71 decliners while 39 stocks were unchanged.

Except for the interest rate-sensitive property counter, all counters ended higher led by the services counter, which gained 1.02 percent due to an increase in the stock price of PLDT.

Index heavyweight PLDT gained 3.02 percent while AGI added 5.48 percent. Petron also gained over 3 percent.

GTCAP, BDO and Jollibee all rose by over 1 percent. GTCAP, for its part, announced a 32 percent growth in net profit to P12.1 billion on higher earnings contributed by its power, automotive and insurance businesses.

URC, SMIC, JG Summit, Semirara and AP also edged higher.

On the other hand, Globe tumbled by 2.77 percent while AC slipped by over 1 percent. ALI, MPIC, SM Prime, Metrobank and EDC also ended lower.