PSEi continues to recover

The local stock barometer rose for the second session in a row yesterday, aided by month- and quarter-end window dressing.

The Philippine Stock Exchange index (PSEi) added 17.71 points or 0.24 percent to close at 7,283.07.

The gains were led by the industrial counter, which rose 1.27 percent, while the financial and property counters also closed higher.

Value turnover amounted to P12.43 billion. There were 85 advancers, which were edged out by 102 decliners, while 43 other stocks were unchanged.

Energy Development Corp. (+3.59 percent) led the PSEi gainers alongside Ayala Corp. (+2.28 percent). BDO Unibank, Universal Robina Corp., First Gen and Aboitiz Power also rose more than 1 percent while Ayala Land, Emperador, Metrobank and BPI also contributed to index gains.

After the previous day’s slump arising from concerns on a broadband pricing war, PLDT firmed up by 0.26 percent but rival Globe Telecom fell by 2.64 percent.

Semirara was a big index decliner (-5.38 percent) while Alliance Global Group (-1.89 percent) and SM Investments Corp. (-0.06 percent) also slipped.

Luis Gerardo Limlingan, an analyst at local stock brokerage Regina Capital Development Corp., said the PSEi was on track to close at 7,800 by year’s end.

Once the index holds above the 7,200 level, Limlingan said there could be a potential retest of the all-time high level of 7,400. “So far, all bullish conditions have been met and we are still on track with our 7,800 yearend target,” he said. Doris C. Dumlao