PSEi closes higher in range trading

The benchmark PSEi closed higher Tuesday as selective buying in blue chips snapped a three-day decline while the market moved in range trading in the absence of fresh leads.

 

"Compared to yesterday, the market closed higher on selective buying on ALI (Ayala Land), First Gen and SMPH (SM Prime Holdings)," Abbygayle M. Estrella, analyst at AB Capital Securities Inc., told GMA News Online.

 

She noted the market is in "range trading" in the absence of market-moving news.

 

"There's still a lack of local leads, and there wasn't much news overseas as the US market declined overnight while Asian markets are also down," Estrella said.

 

The main PSEi ended the session up by 52.20 points or 0.72 percent to 7,327.58. More than 1.27 billion shares valued at P9.72 billion were traded. Decliners beat advancers 100 to 70 while 49 stocks were unchanged.

 

Shares of SM Prime Holdings went up by 3.50 percent to P20.70 apiece, ALI shares increased by 2.75 percent to P35.50 apiece and First Gen shares inched up by 3.33 percent to P23.25 apiece.

 

The market is waiting for the central bank's meeting at the end of the week.

 

"BSP will have its monthly review of monetary policy—if they will cut or hike interest rates—which will affect the market," Estrella noted. — VS, GMA News