PSEi breaches 6,500

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

Rising for the second straight session, the main-share Philippine Stock Exchange index (PSEi) 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.

There were 87 advancers that beat 78 decliners at the local stock market while 41 stocks were unchanged. Value turnover amounted to about 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). Doris C. Dumlao