PSEi rallies to 7,800

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

The Philippine Stock Exchange index (PSEi) 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 had strengthened, which some interpreted to mean that an adjustment 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 more than 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 more than 2 percent, while Megaworld advanced 1.65 percent. GT Capital, SM Prime, MPI, PLDT, Globe and AEV all increased. Doris Dumlao-Abadilla