PSEi keeps pace with optimistic Asian neighbors, marking 3rd day of rally

The local stock barometer gained for the third straight session yesterday, tracking mostly firmer regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 16.85 points or 0.23 percent to close at 7,350.58.

The index was boosted by gains eked out by the financial, industrial, holding firm and services counters.

On the other hand, the mining/oil and property counters slipped.

Value turnover was still thin at P5.53 billion.

There were 106 decliners that edged out 84 advancers, while 46 stocks were unchanged.

The PSEi was led higher by Megaworld, which gained 4.03 percent.

GT Capital added 3.82 percent while Metrobank, the day’s most actively traded company, gained 1.74 percent. Metrobank shares were battered last week by rumors of a new loan scam, which the bank has refuted.

Ayala Corp., BPI and Security Bank all rose by over 2 percent while Jollibee and Aboitiz Power were both up by over 1 percent.

Ayala Land, ICTSI, JG Summit and URC gained slightly.

One notable gainer yesterday was TBGI, which surged by 37.78 percent on the back of a third telco player.

This, after TBGI disclosed a plan to raise funds by selling up to 40 percent of its equity to foreign investors through a private placement. The company said this would enable it “to participate in various opportunities in the telecommunication market brought about by the directive of the government to have a third telco in the Philippines.”

Metro Pacific fell by 3.43 percent, while SM Prime tumbled by 2 percent.

SM Investments, PLDT and Puregold also slipped.

One notable decliner outside the PSEi was Wellex, which fell by 4.05 percent.