PSEi closes 0.45% higher

The local stock barometer regained its footing on Wednesday on selective buying of large-cap  companies and mostly firmer regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 36.17 points, or 0.45 percent, to close at 8,078.21.

“The story remains the same for the index with movement likely to be muted as markets wait on (US Federal Reserve chair Jerome) Powell’s testimony to Congress in the coming days—likely to set the tone for the Fed meeting at the end of the month,” stock brokerage Papa Securities said.

The PSEi was led higher by the holding firm and services counters, which both added over 1 percent. The financial counter gained marginally.

On the other hand, the mining/oil counter fell by 1.15 percent, while the industrial and property counters also declined.

Value turnover for the day hit P5.36 billion. Despite the gain, market breadth was negative. There were 109 decliners that edged out 93 advancers, while 39 stocks were unchanged.

Leading conglomerate SM Investments boosted the PSEi, gaining 3.16 percent. Globe Telecom and AGI both added over 1 percent. Metrobank, ICTSI, Metro Pacific, SM Prime, Megaworld and PLDT also gained.

Outside the PSEi, a notable gainer was Cebu Pacific, which gained 50 percent to hit its price ceiling, after sliding in the previous day due to a trader error.

Decliners outside the PSEi included Chelsea and ISM, both owned by businessman Dennis Uy, which respectively fell by 9.82 percent and 7.25 percent.