PSEi firms up

The local stock barometer firmed up yesterday ahead of a long weekend break, overcoming an early beating following the knee-jerk reaction to the bloody terrorist attacks in Brussels.

The Philippine Stock Exchange index (PSEi) added 18.02 points or 0.25 percent to close at 7,360.05, aided by benign inflation expectations.

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) funds futures added further hikes for 2016, but the dollar failed to strengthen on higher US rates,” Citigroup said in a research note yesterday.

Locally, the Bangko Sentral ng Pilipinas kept its key interest rates unchanged during its monetary-setting meeting. 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.

Value turnover at the local bourse 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 sectors ended higher, led by the services counter, which gained 1.02 percent due to an increase in the stock price of PLDT by 3.02 percent while AGI added 5.48 percent.  Petron also gained more than 3 percent.

GTCAP, BDO and Jollibee all rose more than 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 2.77 percent while AC slipped more than 1 percent. ALI, MPIC, SM Prime, Metrobank and EDC also ended lower. Doris Dumlao-Abadilla