PSEi firms up at 7,139.27; rebound of crude futures cited

MANILA, Philippines – Local stocks rose for a third session on Monday, tracking firmer regional markets as crude futures rebounded.

The main-share Philippine Stock Exchange index added 13.64 points or 0.19 percent to close at 7,139.27. Across the region, stocks climbed as investors took heart from the rebound of crude futures.

Most counters were up, led by the mining/oil index, which surged by 1.76 percent. Only the property counter ended lower (-0.70 percent).

Value turnover for the day amounted to P13.2 billion. There were 107 advancers that edged out 67 decliners while 36 stocks were unchanged.

DMCI and MPI led the index higher, both rising by over 3 percent. DMCI announced the sale of a 25 percent stake in the Tarlac-Pangasinan-La Union Expressway to the SMC group.

FGEN also contributed to the PSEi’s gain, rising by 1.4 percent while PLDT, AGI, EDC, BDO, Megaworld and JG Summit also gained.

Notable gainers outside of PSEi stocks were RFM (+5.86 percent) following a P100 million block sale at P5 per share. Newly listed Max’s Group also rose by 7.57 percent.

On the other hand, the PSEi’s gains were tempered by the decline of Bloomberry (-2.75 percent) while ALI and JFC also fell by over 1 percent.

Outside of PSEi stocks, Security Bank (-1.53 percent) and RRHI (-2.83 percent) tumbled.