PSEi firms up

The local stock barometer firmed up Tuesday, bucking a regional downturn, as investors selectively picked up stocks following last week’s bloodbath.

The main-share Philippine Stock Exchange index (PSEi) recovered 50.03 points or 0.69 percent to close at 7,356.72, rising for the second straight session.

Elsewhere in the region, stock markets traded lower as hawkish comments by a US Federal Reserve official affirmed bets that US interest rates could rise by June or July.

At the local market, the day’s upswing was led by the property counter while the financial, industrial and holding firms ended with modest gains. The mining/oil counter declined by 1.46 percent while the services counter also slipped.

Despite the PSEi’s gain, market breadth was negative. There were 102 decliners that outnumbered 79 advancers while 52 stocks were unchanged.

Foreign investors were in a net selling position, resulting in P108 million in net foreign outflow from the stock market for the day.

Ayala Land Inc. and SM Investments Corp. led the PSEi higher, both rising more than 2 percent, while Ayala Corp., Metro Pacific Investments Corp., SM Prime, Metrobank, Aboitiz Power and Alliance Global Group Inc. all gained more than 1 percent. Aboitiz Equity Ventures and BDO also contributed gains. Doris Dumlao-Abadilla