PSEi clings to 7,500 level

AP file Photo/Aaron Favila

THE LOCAL stock barometer firmed up above the 7,500 mark on Tuesday as regional markets were buoyed by the commodities rally.

The Philippine Stock Exchange index added 13.1 points or 0.17 percent to close at 7,524.84 as the first quarter local corporate earnings season ended and while investors awaited the country’s first quarter gross domestic product (GDP) report on Thursday.

Based on Bloomberg consensus forecast, the Philippines likely grew its GDP in the first three months by 6.5 percent while for the full year, growth would likely average at 5.9 percent.

The local market was led higher by the mining/oil counter and property counters which respectively rose by 1.91 percent and 1 percent. The financial and holding firm counters slightly gained while the industrial and services counters slipped.

Total value turnover for the day amounted to P9.97 billion. Despite the PSEi’s gain, market breadth was negative as there were 99 decliners that edged out 96 advancers while 51 stocks were unchanged.

MPI outperformed the PSEi, rising by 3.12 percent while ALI and Metrobank both surged by over 1 percent.

SMIC, AC, SM Prime, BDO and Megaworld all gained.

Outside of the PSEi, one notable gainer was VLL which jumped by 5.18 percent on news that Mark Villar, son of VLL chair and founder Manuel Villar Jr., would be named Department of Public Works and Highways (DPWH) Secretary under the incoming Duterte administration.

On the other hand, URC, JG Summit and Jollibee succumbed to profit-taking, all falling by over 1 percent. PLDT, Globe, AGI and Meralco also declined.

Outside of the PSEi, Security Bank and RRHI also respectively fell by 1.6 percent and 2.99 percent.