PSEi up slightly

THE LOCAL stock barometer firmed up slightly Monday on expectations that the US Federal Reserve was in no rush to raise interest rates anew.

The Philippine Stock Exchange index (PSEi) added 9.4 points or 0.13 percent to close at 7,254.53. Across regional markets, stock markets traded with mixed sentiment.

At the local market, the financial sector led the day’s gains, rising by 1.1 percent. The industrial, holding firm and property firms all slightly advanced.

On the other hand, the mining/oil and services counters declined.

Value turnover for the day amounted to P5.17 billion. There were 110 advancers that edged out 83 decliners while 54 stocks were unchanged.

There was P131 million in net foreign selling at the local bourse.

GT Capital and Metrobank led the day’s rise, both gaining more than 1 percent, while URC and SM Investments Corp. also firmed up.

Among the day’s notable gainers were non-PSEi stocks such as NOW (+33.3 percent), RCBC (+7.26 percent) and Security Bank (+3.08 percent).

NOW has been rising in the last few days on news that it was raising fresh funds to invest in the corporate broadband market.

RCBC, which is at the center of an $81-million money laundering scandal, had denied it was for sale or that it was in talks with either Bank of the Philippine Islands or Banco de Oro. Both banks also denied any move to buy the bank from the Yuchengco group.  Doris Dumlao-Abadilla