PSEi bounces back to 7,400 level

The local stock barometer yesterday rebounded to the 7,400 level as regional markets cheered the US Federal Reserve chief’s upbeat view on the US economy.

The main-share Philippine Stock Exchange index (PSEi) added 69.69 points or 0.94 percent to close at 7,451.37, backed by modest foreign inflows. Overall value turnout, however, remained thin.

Investors across the region took heart from US Federal Reserve chair Jerome Powell’s statement before Congress that the US economic growth in the second quarter was “considerably stronger” than the 2-percent pace seen in the first quarter.

About P4.25 billion worth of stocks changed hands at the stock market. There was P203.78 million in net foreign buying for the day.

There were 108 advancers versus 76 decliners, while 52 stocks were unchanged.

All counters ended in the green, led by the holding firm and property counters, which both added over 1 percent.

Ayala Land and Ayala Corp. led the PSEi higher rising by 2.94 percent and 2.73 percent, respectively.

SM Investments, Metro Pacific and BPI all added over 1 percent.

BDO, JG Summit, PLDT, URC, GT Capital and Jollibee also contributed gains.

Outside of the PSEi, one notable gainer was SSI, which surged by 9.39 percent in relatively heavy trade after announcing the deal to bring Shake Shack to the country.

On the other hand, LTG slipped by 1.69 percent while Metrobank and Meralco also faltered.

One notable decliner was Megawide, which fell by 6.59 percent. It was reported that the Department of Transportation favored the Naia upgrade proposal submitted by a super-consortium over Megawide’s.

Retailer Wilcon Depot also slipped by 4.66 percent.