Business

Upbeat Wall Street fringes PH stocks

The local stock barometer strengthened on Tuesday as investors took to the heart of optimistic overnight trading on Wall Street.

The Philippine Stock Exchange Index (PSEi) closed 43.24 points, or 0.63 percent, at 6,870.41, ending four consecutive days of decline.

“Philippine stocks followed the sentiment of their U.S. counterparts after the Dow booked its best day on a percentage basis since March after rising 1.76 percent. The S&P 500 (+1.40 percent) also had its best day since May, ”said Luis Gerardo Limlingan, CEO of local stockbroker Regina Capital Development.

“The positive development in local and regional markets came as investors moved on from the US (Federal Reserve) Fed’s previous comment that interest rate hikes are coming faster than expected. Several Fed speakers are scheduled to speak this week that will put more color on what factors led them to write down a more aggressive interest rate, ”he added.

The industrial and holding companies both climbed over 1 percent, while service, mining / oil and property counters added less than 1 percent.

Value turnover

The value turnover amounted to P5.22 billion. There were net foreign sales of P101.57 million.

There were 122 advancers, overwhelming 69 declines, while 53 stocks were unchanged.

GT Capital rose 3.1 percent, while Jollibee and Aboitiz Power both rose more than 2 percent.

Conglomerates SM Investments and Ayala Corp. both rose more than 1 percent, while Ayala Land, SM Prime, PLDT and URC all rose less than 1 percent.

Notable winners outside the PSEI included GMA7, which rose 8.66 percent.

AC Energy and Converge rose more than 1 percent, while recently listed Monde Nissin added 0.55 percent.

On the other hand, ICTSI and JG Summit both slipped by less than 1 percent.

The latest market favorite Ever Gotesco retired by 6.12 percent and was the most traded company of the day.

—DORIS DUMLAO-ABADILLA INQ

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