PSEi firms up above 7,300

THE LOCAL stock barometer firmed up on Friday, ending a seven-day downturn as favorable economic data out of China perked up most regional markets.

The Philippine Stock Exchange index gained 77.12 point or 1.06 percent to close at 7,389.30.

Elsewhere in the region, stock market indices were mostly higher as stronger-than-expected Chinese inflation data eased jitters on the well-being of Asia’s largest economy.

At the local market, all counters rose, led by the mining/oil sub-index which gained 2.55 percent. The financial, services and property counters all advanced by over 1 percent.

Value turnover for the day amounted to P7.37 billion.

There were 132 advancers that edged out 54 decliners while 40 stocks were unchanged.

LTG led the PSEi higher with its 6.36 percent gain while Security Bank rose by 4.25 percent.

SM Prime gained 2.69 percent while ALI, ICTSI, BDO and Globe all firmed up by over 1 percent.

PLDT, AC, Metrobank, Megaworld, JG Summit, GTCAP, SMIC and BPI all gained.

On the other hand, MPI fell by 1.25 percent.

Outside the PSEi, one notable decliner was Philweb which slipped by 1.09 percent in relatively heavy volume.