PSEi ends higher on Wall Street gains

MANILA, Sept. 3 (PNA) — Local share prices snapped out a two-day slump, closing near the 7,100-level on Thursday, tracking Wall Street’s lead.

The benchmark Philippine Stock Exchange index (PSEi) advanced 26.30 points to 7,098.76 from previous day’s 7,072.46 finish.

Brokerage firm 2TradeAsia.com said the United States overnight gains aided local sentiment, as players speculated on a possible delay in the Federal Reserve’s interest rate liftoff.

”A delay would assuage fears of ripple effects from the slowdown in China and persisting turmoil in global equities,” it said.

All counters were in the positive territory, except property that declined slightly.

Volume of transactions reached 1.61 billion shares valued at PhP6.41 billion.

Advancers swamped decliners, 110 to 59, while 40 issues were unchanged.

The day’s top active stocks were led by GT Capital Holdings Inc., Universal Robina Corp., SM Prime Holdings Inc., Philippine Long Distance Telephone Co. and BDO Unibank Inc. (PNA)