PSEi inches up in thin trade

The local stock barometer gained in thin trade on Tuesday, tracking regional markets which were mostly perked up by favorable factory data out of the US and China.

The Philippine Stock Exchange index (PSEi) added 38.9 points or 0.5 percent to close at 7,879.21 on selective buying of large-cap stocks.

All counters gained at a modest pace. Value turnover was thin at P4.79 billion as many investors were already on a holiday mode ahead of the Lenten break while others are busy with either the tax payment or the mid-term election season.

Market breadth was, however, negative. There were 103 decliners, 91 advancers and 46 stocks were unchanged.

The PSEi was led by PLDT, which gained by 2.26 percent. SM Investments, BDO, Metrobank and RHHI all rose by over 1 percent.

SM Prime, Jollibee, ICTSI, BPI and URC also firmed up.

Outside the PSEi, a notable gainer was Premiere Horizon Alliance Corp. (PHA), which surged by 19.78 percent.

PHA issued on Tuesday an update on the status of the memorandum of agreement between the company and Sama Global Investment with regards to the 250-million euro funding facility.

“Based on the latest communication between PHA and SAMA, the parties committed to the pertinent terms and conditions of the MOA and are completing certain activities that will allow the transaction to progress in relation to the initiation of the funding remittance,” the disclosure said.

Wilcon and San Miguel Food and Beverage firmed up slightly.

GT Capital fell by 2.73 percent while Ayala Land, Megaworld, AEV and JG Summit slipped.