PSEi manages a squeak as Asian stocks try to recover lost ground

The local stock barometer ended a tad higher on Wednesday, tracking mostly firmer markets across the region.

The main-share Philippine Stock Exchange index (PSEi) added 2.08 points, or 0.03 percent, to close at 7,468.73.

The PSEi was shored up by the industrial counter, which gained 1.07 percent, while the holding firm and property counters eked out marginal gains.

The mining/oil counter fell by 2.14 percent, while the financial and services counters also dipped.

Total value turnover amounted to P7.1 billion. Foreigners were net buyers to the tune of P422.45 million.

Despite the PSEi’s slight gain, market breadth was negative. There were 93 decliners that edged out 88 advancers, while 53 stocks were unchanged.

Bloomberry led the PSEi’s gains, rising by 4.1 percent.

URC and Metrobank both rose by over 1 percent, while BDO, SM Prime and Ayala Corp. all firmed up.

Outside of the PSEi, one notable gainer was Manila Water, which rose by 5.12 percent.

Fruitas, meanwhile, added 0.6 percent to close at P1.69 per share in relatively high volume. The leading multibrand kiosk operator has now climbed back to its initial public offering price level of P1.68 per share.

On the other hand, Globe Telecom fell by 3.09 percent while PLDT lost 2.9 percent.

GT Capital fell by 2.53 percent while BPI shed 2.45 percent.

Ayala Land, SM Investments, ICTSI, Megaworld and Jollibee all slipped.

Outside of the PSEi, one notable decliner was Suntrust, which lost 5.29 percent. Cirtek Holdings slipped by 1.18 percent.