PSEi rebounds to 7,800 level

THE LOCAL stock barometer firmed up to the 7,800 level on Friday, ending a seven-day decline mostly linked to US interest rate jitters.

The Philippine Stock Exchange index added 34.11 points or 0.44 percent to close at 7,807.42.

For the four-day trading week, the index fell by 38.07 points or 0.5 percent.

For the week, sentiment was dampened by US Fed chair Janet Yellen’s statement on Friday that the case for an increase in US interest rates has strengthened, which some interpreted to mean that a hike during the next Fed meeting this Sept. 18 was a live option.

The day’s rebound was led by the mining/oil and property counters which both gained over 1 percent. The holding firms and services counters also firmed up.

On the other hand, the financial and industrial counters slipped.

Value turnover for the day amounted to P7.7 billion. There were 117 advancers that edged out 73 decliners while 51 stocks were unchanged.

The PSEi was perked up by the gains of SMIC and ALI which both rose by over 2 percent while Megaworld advanced by 1.65 percent.

GT Capital, SM Prime, MPI, PLDT, Globe and AEV all increased.

On the other hand, URC, BDO and Jollibee all slipped by over 1 percent. Metrobank, AC and JG Summit also declined.

Notable decliners outside of PSEi stocks were Medco (-17.36 percent), Vitarcih (-9.84 percent) and Cirtek (-1.83 percent) which all slipped in relatively heavy volume.

After Yellen’s speech at Jacksone Hole Friday last week, investors are next awaiting the US jobs data report to pick up clues on how soon interest rates will rise.