Local stocks track rise in regional markets

The local stock barometer firmed up yesterday, tracking mostly upbeat regional markets as Hurricane Irma waned while investors awaited the United Nations’ decision on North Korea.

The main-share Philippine Stock Exchange index (PSEi) added 26.56 points or 0.33 percent to close at 8,049.31.

Across the region, stock markets were mostly firmer but investors remained cautious as the UN was set to vote on sanctions against North Korea in response to the latter’s nuclear tests.

At the local market, the gains were led by the industrial, holding firm, services and property counters, while the financial and mining/oil firms slipped.

Value turnover for the day amounted to P6.1 billion. There were 110 advancers that edged out 87 decliners while 50 stocks were unchanged.

The PSEi was led higher by Robinsons Land Corp., which rose by 2.36 percent, while FMCI, SM Investments Corp., Alliance Global and Puregold all rose by more than 1 percent.

BDO, Metrobank, Semirara, URC, GT Capital, Metro Pacific, SM Prime, ICTSI and Ayala Corp. also firmed up.

Outside the PSEi, notable gainers included Chelsea Logistics (+2.08 percent); Bloomberry (+2.06 percent) and PXP Energy (+4.95 percent).

On the other hand, BPI fell by 1.45 percent.

Amid lack of fresh catalysts, local stocks are seen to trade sideways this week.