PSEi continues to rise

The local stock barometer gained for the third straight session Friday, aided by month-end window-dressing activities.

The Philippine Stock Exchange index (PSEi) added 39.61 points or 0.53 percent to close at 7,550, widening its gains toward the end of the session on selective buying of large caps.

The day’s gains were led by the holding firm counter, which rose 1.07 percent, while the industrial and property counters firmed up. The financial, services and mining/oil counters declined.

There was net foreign buying worth P181 million for the day. Value turnover reached P8.36 billion. Despite the PSEi’s gain, market breadth was negative as there were 87 decliners that outnumbered 74 decliners.

Dealers said window-dressing activities boosted some stocks. Petron led the PSEi higher, rising by an extraordinary 34.32 percent. MPI gained 2.32 percent while GTCAP, AC, SMIC and AGI all advanced by over 1 percent.

ALI, SM Prime, BDO, Globe, JG Summit, Meralco, URC, Semirara and Jollibee also contributed gains.

On the other hand, BPI slipped by 1.23 percent while PLDT, Metrobank, MWC and ICTSI faltered.

Outside of the PSEi, gaming firm Melco declined by 1.23 percent. Doris Dumlao-Abadilla