Local stocks firm up for 3rd time

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MANILA – Tracking regional markets which are eyeing for monetary stimulus, the country’s local stock barometer firmed up on Tuesday.

For the third straight session, the main-share Philippine Stock Exchange index (PSEi) racked up 45.94 points, or 0.64 percent, to close at 7,275.66 on selective buying of blue chips.

Rising at 1 percent, the biggest gainer by the counter was the holding firm sub-index.

Some 88 were decliners and 78 were advancers while 53 remained static, despite the rise of the main index.

This caused the value turnover to reach P8 billion.

Semirara and GT Capital rose to more than 3 percent leading the day’s rise while Megaworld increased at 2.69 percent and SMIC and BDO both rose to more than 1 percent.

Meanwhile, Jolibee, Bloomberry, AC and Metrobank dipped slightly and AGI and FGEN lost more than 2 percent.

“Outlook for the PSEi is positively biased with a possible attempt at new record highs as we head into the Christmas rally-January effect. Strategy is to buy selectively on dip,” DA Market Securities said.–Doris C. Dumlao