PSEi recovers slightly

Local stocks recovered some lost ground Tuesday as positive sentiments overseas helped lift the local equities market.

The benchmark Philippine Stock Exchange index (PSEi) gained 0.49 percent, or 32.1 points, to 6,636.45. The broader all-shares index was up 0.5 percent, or 19.84 points, to 4,010.04.

All subsectors closed in the green, led by property firms (+0.78 percent ) and followed by industrial companies (+0.76 percent ).

“Somewhat growing tired and weary of poring over recent risk factors and discounting these into share prices, markets turned focus on [corporate news], particularly on M&A activity. This provided a decent lift to share prices in the US and Europe overnight,” Justino Calaycay Jr. of Accord Capital Equities said in a report. “In turn, this gave local investors, as well as in the broader Asian region, reason to snap out of an extended decline.”

A total of 710.36 million shares changed hands yesterday valued at P6.46 billion. There were a total of 104 advancers versus 63 decliners while 50 companies closed unchanged. Miguel R. Camus