PSEi rebounds slightly

By Leslie D. Venzon

MANILA, Dec. 14 (PNA) — Local share prices resisted weak sentiments across the region to end slightly higher on Monday ahead of a highly-anticipated Federal Reserve interest rate decision.

The benchmark Philippine Stock Exchange index (PSEi) gained 10.98 points to 6,745.99 from previous day’s 6,735.01 close.

RCBC Securities Inc. said the local bourse reversed losses by close after remaining negative throughout the day following a risk-off sentiment overseas.

Asian stocks fell amid plunging oil prices, weakening Chinese yuan and a widely expected United States rate hike this week.

The property and holding firms counters rose slightly.

The sub-indices of other sectors were in the negative territory.

A total of 1.37 billion shares valued at Php4.97 billion changed hands.

Market breadth was negative with decliners outpacing advancers, 121 to 43, while 46 issues unchanged.

The day’s top active stocks were led by Banco de Oro Unibank Inc., Universal Robina Corp., Ayala Land Inc., Bank of the Philippine Islands and Philippine Long Distance Telephone Company. (PNA)