Index rises as market tracks reg’l bourses

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) firmed up anew yesterday, tracking gains in regional markets despite low investor turnout.

Investors remained on the sidelines ahead of the US Federal Reserve’s policy meeting late this week, an analyst said.

The PSEi jumped 1.56 percent or 97.15 points to settle at 6,339.41, posting back-to-back gains since a record beating last week.

“The range was almost evenly divided between the bulls and the bears, with the former showing longevity and dominance,” said Justino Calaycay Jr., analyst at Accord Capital Securities.

“The bulls gained a semblance of momentum in afternoon trades tracking a pick-up in the region as well as early gains in US and European futures indices,” Calaycay said.

Calaycay said the slump in Wall Street on Friday and the lack of new leads left investors blind. Investors, worried that US Fed will pullout its monetary stimulus program, are waiting for the results of a policy meeting late this week.

Locally, most subindices were in the green, paced by property firms that spiked 3.94 percent or 97.24 points to 2,567.13. But mining and oil bucked the trend, slipping 0.73 percent or 114.35 points to 15,494.89.

Advancers outpaced decliners, 99 to 53, while 39 stocks did not change.