Local stocks end long slide, PSEi closes 1.59% higher at 6,966.28

The local stock barometer firmed up for the first time in three days Wednesday on bets of strong Philippine third-quarter economic growth amid mostly upbeat regional markets.

The Philippine Stock Exchange index (PSEi) recovered 109.13 points or 1.59 percent to close at 6,966.28.

All counters were up but the property counter was the outperformer with its 3.34-percent gain. The holding firm and services counters added more than 1 percent.

“The local market sought comfort after days of heavy selling with the government’s hint that third-quarter GDP (gross domestic product) growth would finish at possibly higher than 7 percent. In addition, WTI crude surged over 5.5 percent to $45.75 a barrel, the largest (gain) in seven months following renewed Opec (Organization of Petroleum Exporting Nations) efforts to shore up a proposed production cut,” said Luis Gerado Limlingan, managing director at Regina Capital Development.

Meanwhile, Limlingan noted that overnight, the Dow Jones industrial index eked out another all-time closing although the S&P 500 and the Nasdaq outperformed following a sharp rebound in crude prices, strong October retail sales and a respite in the bond market.

At the local market, value turnover amounted to P6.52 billion. There were 104 advancers that edged out 75 decliners while 45 stocks were unchanged.

The property counter was lifted by Ayala Land Inc., which surged by 4.76 percent, while SM Prime also rose by 3.85 percent. JG Summit and International Container Terminal Services Inc. were both up by more than 3 percent.

Ayala Corp. and Metro Pacific Investments Corp. rose by more than 2 percent while Metrobank, PLDT and GT Capital were all up by more than 1 percent.

Jollibee stabilized by 0.67 percent after Tuesday’s heavy selloff while Universal Robina Corp., SM Investments Corp., Globe Telecom, BDO Unibank and Security Bank all slightly gained.

Megaworld failed to ride on the day’s rebound, instead declining by 1.32 percent, while BPI and Aboitiz Equity Ventures were both slightly lower.