PSEi returns to 6,500

MANILA, Philippines — The local stock index climbed past the 6,500-mark on Tuesday as some offshore investors realigned funds in favor of the Philippines.

Rising for the second session, the main-share Philippine Stock Exchange index added 42.35 points or 0.65 percent to close at 6,529.58. All counters were up, but the day’s biggest gainer was the industrial sub-index (+1.17 percent).

Foreign buying was still a key catalyst for the day as offshore investors were in a net buying position amounting to P1.37 billion for the day.

There were 87 advancers against 78 decliners while 41 stocks were unchanged.

Value turnover amounted to P8.2 billion.

Among the notable index gainers were LTG (+3.75 percent), Petron (+2.32 percent), URC (+1.44 percent) and AC (+1.05 percent). PLDT, ICTSI, SM, JG Summit, Metrobank, ALI, GTCAP, BDO, Megaworld, AP and SMPH also contributed to the day’s gains.

Another notable gainer was Melco (+2.97 percent).

Maybank ATR Kim Eng Securities president Lorenzo Roxas said the recent resurgence in foreign flows was an offshoot of the realignment of funds tracking the MSCI and FTSE indices. He said the foreign inflows would ease once the rebalancing of these indices were fully factored in.

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