Stock index closes 0.49% higher

The local stock barometer firmed up on Wednesday, tracking mostly higher regional markets on optimism that China would move to ease the impact of its trade war with the United States.

The main-share Philippine Stock Exchange index (PSEi) added 38.42 points, or 0.49 percent, to close at 7,967.90, aided by modest foreign buying.

Local stock brokerage Papa Securities said the 8,000 barrier was still the level to beat in the coming years, pointing out some positive technical indicators.

All counters ended higher, but the biggest gainer was the mining/oil counter, which rose by 1.28 percent.

Value turnover for the day amounted to P6.66 billion.  There was net foreign buying amounting to P143.15 million.

There were 119 advancers that overwhelmed 65 decliners, while 58 stocks were unchanged.

The PSEi was led higher by Ayala Land, which gained 2 percent, while PLDT added 1.44 percent.

BPI, SM Investments, Ayala Corp., JG Summit, ICTSI and URC all gained.

Among gainers outside the PSEi was PXP Energy, which surged 11.17 percent on hopes for the Philippine-China joint exploration of the disputed seas.

Xurpas also gained by 9.38 percent on news of its restructuring efforts.

Meanwhile, Puregold fell by 2.95 percent, while Globe Telecom declined by 1.52 percent.

SM Prime, Metrobank, Jollibee, Security Bank and Metro Pacific all slipped.