Stock index up on local buying of blue chips

The local stock barometer bounced back to the 7,800 level on Wednesday as domestic investors picked up local blue chips, emboldened by the local central bank’s monetary easing.

The main-share Philippine Stock Exchange index (PSEi) recovered 93.51 points or 1.21 percent to close at 7,815.07.

The rebound was expected as EPHE, the only exchange-traded fund (ETF) focused exclusively on the Philippines, surged by 2 percent overnight, local stockbrokerage Papa Securities said.

Except for the mining/oil counter, all other counters firmed up, led by holding firms, which added 2.78 percent.

Value turnover for the day amounted to P10.14 billion, including a P3.2-billion block sale on Ayala Corp., which bought back shares from Mitsubishi Corp.

There were 112 advancers that edged out 78 decliners, while 43 stocks were unchanged.

Ayala Corp. was the day’s most actively traded company, rising by 6.47 percent, following its buyback of a big block of shares.

JG Summit and Aboitiz Equity Ventures both surged by more than 4 percent, while Megaworld and Metro Pacific added 2 percent.

PLDT, Globe Telecom, SM Investments, Jollibee, BDO, Robinsons Land Corp. and Aboitiz Power all firmed up by more than 1 percent.

Ayala Land, ICTSI and BPI also gained.

Notable gainers outside the PSEi basket included Phinma Energy, which rose by 6.53 percent to P2.12 a share. The Ayala group, which signed a deal to take over this company, has launched a tender offer for minority shares at P1.4577 a share.

Primex also advanced by 5 percent in heavy volume.