PSE index rises on positive sentiments overseas

The benchmark Philippine Stock Exchange index (PSEi) ended positive on Tuesday as investors, buoyed by positive sentiments overseas, defended the key 7,500 support.

The PSEi gained 0.59 percent, or 44.29 points, to 7,577.57 while the broader all-shares index was also up 0.6 percent to 4,629.33.

Stocks across the region were mainly positive while Wall Street closed positive overnight.

The 7,500 level for the PSEi is a crucial area.

Some analysts believe a drop below this level could signal further declines to 7,000-7,200.

Gio Perez of Papa Securities Corp. noted that investors mainly stayed on the sidelines ahead of the Bangko Sentral ng Pilipinas’ decision on interest rates on Thursday.

Data from the PSE showed that subsectors on Tuesday were mostly higher, with financials (down 0.59 percent) being the only decliner.

The property segment gained the most as it increased by over 2 percent.

A total of 793.4 million shares valued at P7.23 billion changed hands yesterday. There were 98 gainers against 96 decliners while 48 companies closed unchanged.

Metropolitan Bank & Trust Co. was the most actively traded on Tuesday as it closed 0.24 percent lower to P82.50 a share.

This was followed by BDO Unibank Inc., down 0.78 percent to P127.50; Jollibee Foods Corp., down 0.36 percent to P278; Ayala Land Inc., up 0.25 percent to P40.10, and Universal Robina Corp., up 1.29 percent to P141 a share.