PSE index rebounds after early losses

The local stock barometer slightly rebounded yesterday, tracking an intraday recovery across regional markets after the initial jitters caused by the sharp decline in the value of the Chinese yuan.

The main-share Philippine Stock Exchange index (PSEi) added 11.74 points or 0.16 percent to close at 7,399.61, reversing early losses albeit still on very thin value turnover.

The PSEi flirted with 7,400 in intraday trade.

Across the region, most stock markets also initially slumped due to concerns over the yuan but most recovered in late trade.

At the local market, the PSEi was led higher by the financial, industrial, mining/oil and property counters.

On the other hand, the holding firm and services counters faltered.

Value turnover remained weak at P3.43 billion, reflecting caution among investors.

There were 96 advancers that slightly edged out 93 decliners while 51 stocks were unchanged.

The PSEi was led higher by Aboitiz Power, which gained 2.06 percent, while Ayala Land, SM Prime, Ayala Corp., BDO and  JG Summit all added over 1 percent.

Metrobank, the day’s most actively traded stock, gained 0.71 percent. The bank grew its second quarter net profit by 31 percent year-on-year to P5.2 billion, bringing first half net profit to P11 billion, up by 16 percent year-on-year.

URC also slightly gained.

Outside of the PSEi, notable gainers included TBGI, which rose by 5.56 percent, while Megawide added 4.65 percent.

On the other hand, Metro Pacific and AEV both lost over 3 percent, while SM Investments and Jollibee lost over 1 percent.