Stocks up slightly

The local stock barometer ended a tad higher yesterday, overcoming a rough start as the Bank of Japan’s decision to add stimulus measures perked up most emerging markets ahead of a closely watched monetary policy-setting decision by the US Federal Reserve.

Firming up for the third straight session despite a spate of foreign selling, the main-share Philippine Stock Exchange index (PSEi) gained 3.7 points or 0.05 percent to close at 7,675.42 ahead of the US Fed’s decision. Locally, the Bangko Sentral ng Pilipinas is also set to hold its policy-setting meeting today.

Across the region, stock markets were boosted by the BOJ’s decision to buy more exchange-traded funds while refraining from deepening negative interest rates. The BOJ’s decision to extend monetary stimulus was seen to boost flows to emerging markets but gains were capped by jitters over the US Fed decision.

The mining/oil index outperformed for the day, rising by 1.61 percent, while the financial, industrial and property counters were up slightly. Value turnover for the day amounted

to P7.39 billion. There were 105 advancers that edged out 82 decliners while 54 stocks were unchanged.

Local investors again made up for the slack in foreign investor appetite. There was P349 million in net foreign selling for the day.