THE LOCAL stock barometer ended a tad higher on Wednesday, overcoming a rough start as Bank of Japan (BoJ)’s decision to add stimulus measures perked up most emerging markets ahead of a closely-watched monetary policy-setting decision by the US Federal Reserve.
Firming up for the third straight session despite a spate of foreign selling, the main-share Philippine Stock Exchange index gained 3.7 points or 0.05 percent to close at 7,675.42 ahead of the US Fed’s decision. Locally, the Bangko Sentral ng Pilipinas is also set to hold its policy-setting meeting on Thursday.
Across the region, stock markets were boosted by the BoJ’s decision to buy more exchange traded funds while refraining from deepening negative interest rates. The BoJ’s decision to extend monetary stimulus is seen to boost flows to emerging markets but gains are capped by jitters over the US Fed decision.
The mining/oil index outperformed for the day, rising by 1.61 percent while the financial, industrial and property counters.
The financial, industrial and property counters also eked out modest gains while the holding firm and services counters slipped.
Value turnover for the day amounted to P7.39 billion. There were 105 advancers that edged out 82 decliners while 54 stocks were unchanged.
Local investors again made up for the slack in foreign investor appetite. There was P349 million in net foreign selling for the day.
The PSEi was led higher by ALI which jumped by 1.97 percent while AC, URC, Globe, BPI, Security Bank and Security Bank modestly gained.
Outside of the PSEi, Cemex gained by 3.3 percent in heavy volume.
On the other hand, the PSEi’s gains were capped by the decline of SMIC (-1.72 percent) and Megaworld (-1.29 percent). SM Prime, MPI, JG Summit, BDO and GTCAP also slipped.