PSEi gains 0.78% as most counters advance

The local stock barometer rose for the second session in a row on Tuesday as investors took heart from rebounding US stock markets.

The main-share Philippine Stock Exchange index (PSEi) added 53.12 points, or 0.78 percent, to close at 6,867.88, in line with mostly firmer regional markets.

“Philippine shares closed higher as Wall Street appeared to have shaken off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

Overnight, the Dow Jones Industrial Average rose by 229.29 points, or 0.8 percent, to 30,211.91, while the S&P 500 added 1.6 percent to finish at 3,773.86. The Nasdaq Composite also jumped by 2.6 percent to 13,403.39.At the local market, except for the property counter, all counters advanced, led by the mining/oil sector, which rose by 3.3 percent, and the industrial counter, which added 2.59 percent.

The financial and services counters added less than 1 percent.

Value turnover for the day amounted to P10.65 billion. Domestic investors supported the market as there was P567.5 million in net foreign selling for the day.

There were 157 advan­cers that edged out 68 decliners, while 43 stocks were unchanged.