PSEi back to 7,500 level

The local stock barometer bounced back to the 7,500 mark Wednesday, tracking the regional rebound ahead of the US Federal Reserve’s monetary policy review.

The Philippine Stock Exchange index gained 41.53 points or 0.56 percent to close at 7,501.65.

Investors see a lower probability of the US Fed raising interest rates this week.

At the local market, the gains were led by the property counter which rose by 1.83 percent while financial, industrial and mining/oil counters also gained.  Only the services counter slipped.

There were 101 advancers, 92 decliners and 46 stocks were unchanged.  Value turnover reached P6.16 billion.

ALI, Meralco, MPI and EDC all rose by over 2 percent while URC, Metrobank and BDO all gained by over 1 percent.

SM Prime, JG Summit, AC and Megaworld also contributed to the day’s gains.

Among the notable gainers outside of the PSEi was Cyberbay, which surged by 15 percent on news that San Miguel Corp. and Metro Pacific are in talks to team up on a brand new airport project which may be located in the Cyberbay reclamation area. Doris Dumlao-Abadilla