Philippine Daily Inquirer - - BUSINESS - By Doris Dum­lao-Abadilla @Philbizwatcher

The lo­cal stock barom­e­ter firmed up above the 8,300 mark yes­ter­day as in­vestors priced in the lat­est re­bal­anc­ing of MSCI in­dices, which are closely tracked by large fund man­agers.

Re­vers­ing early losses, the main-share Philip­pine Stock Ex­change in­dex ( PSEi) ended 49.62 points or 0.6-per­cent higher to close at 8,379.64.

The PSEi was led higher by Mer­alco, which rose by 5.3 per­cent and was the day's most ac- tively traded stock.

MSCI has an­nounced that Mer­alco would be added to its global stan­dard in­dex at the close of Nov. 30.

It was also an­nounced that East West Bank and Me­gaw­ide, both non-PSEi stocks, would be added to the MSCI Global Small Cap in­dex. On the other hand, RCBC and Xur­pas would be deleted from the same in­dex.

East West Bank and Me­gaw­ide, re­spec­tively, gained by 3.23 per­cent and 0.75 per­cent. On the other hand, Xur­pas fell by 10.33 per­cent while RCBC dropped by 4.91 per­cent.

By subindex, the PSEi was perked up by hold­ing firms and min­ing/oil coun­ters, which both rose by more than 1 per­cent. The in­dus­trial counter also firmed up. The fi­nan­cial, ser­vices and prop­erty coun­ters de­clined.

Value turnover for the day amounted to P8.88 bil­lion. There was a mod­est net for­eign buy­ing of P55 mil­lion for the day.

There were 111 de­clin­ers that edged out 76 ad­vancers while 51 stocks were un­changed.

SM In­vest­ments also buoyed the PSEi with its 2.31per­cent gain while BPI added 1.82 per­cent.

Metrobank and Jol­libee both ad­vanced by more than 1 per­cent while Metro Pa­cific also con­trib­uted a mod­est gain.

Out­side of MSCI ad­di­tions, one no­table gainer was NOW Corp., which surged by 8.46 per­cent.

On the other hand, Pure­gold lost 3.35 per­cent while BDO and Se­cu­rity Bank both shed more than 1 per­cent.

PLDT, Ayala Corp. and URC all slipped.

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