PSEi gains 0.73%

The local stock barometer yesterday firmed up as investors across the region took their cue from the rebound in oil prices.

The Philippine Stock Exchange index added 52.42 points or 0.73 percent to close at 7,232.97, tracking firmer regional markets.

The rebound was led by the holding firm and property counters which both rose by more than 1 percent.

Only the services counter fell (-1.9 percent), weighed down by another sell-off on PLDT shares which tumbled by 5.86 percent.  The telco was the day’s most actively traded stock.

Luis Gerardo Limlingan, Regina Capital managing director, said the rally in US oil prices, which closed near $38 a barrel, pulled the markets up.

“Investors also digested the US Federal Reserve’s  last policy meeting minutes which show that officials expected to raise rates twice this year,” he said.

At the local market, value turnover amounted to P5.6 billion.  There were 110 advancers, 91 decliners while 37 stocks were unchanged.

Of the PSEi gainers, Petron rose by  3.53 percent while JG Summit, ALI and RLC all advanced by over 2 percent. Doris Dumlao-Abadilla