PSEi gains for 2nd session

THE LOCAL stock barometer rose for the second straight session on Wednesday as investors took their cue from Japan, where hopes for fresh stimulus offset ripples from China’s stock slump.

The Philippine Stock Exchange index gained 32.05 points or 0.45 percent to close at 7,092.90.

Japan’s Nikkei index surged by over 300 points while the Shanghai composite index slid by over 100 points. A sluggish growth in Japan’s September exports boosted expectations that its central bank may embark on more stimulus measures.

At the local market, all counters firmed up but the day’s gains were led by the interest rate-sensitive property counter, which rose by 1.32 percent.

Value turnover for the day amounted to P5.3 billion. There were nearly twice as many advancers (120) as decliners (62), indicating positive market breadth.

The PSEi was led higher by SM Prime and PLDT which rose by 1.85 percent and 1.44 percent, respectively.

BDO, URC, ALI, EDC, Jollibee and RLC also contributed to the PSEi’s gain.

Outside of the PSEi, investors shapped up shares of DoubleDragon (+8.93 percent), Melco (+7.89 percent), DNL (+2.67 percent) and Piregold which all gained in heavy volume.

On the other hand, SMIC, Metrobank, Semirara, AGI and DMCI all tumbled.