PSEi continues to rise

MANILA, Philippines–The local stock barometer firmed up for the third straight session on Tuesday, tracking regional markets that were mostly buoyed by hopes for monetary stimulus.

The main-share Philippine Stock Exchange index (PSEi) racked up 45.94 points, or 0.64 percent, to close at 7,275.66 on selective buying of blue chips.

Despite the rise of the main index, there were more decliners (88) than advancers (78) while 53 stocks were unchanged. Value turnover amounted to P8 billion.

By counter, the biggest gainer was the holding firm sub-index, which rose 1 percent.

Semirara and GT Capital, which both rose more than 3 percent, led the day’s rise. Megaworld also gained 2.69 percent while SMIC and BDO both rose more than 1 percent. PLDT and URC also modestly firmed up.

Outside of PSEi stocks, CMT (+13.12 percent) gained in heavy trade amid backdoor listing plans by the Platinum Group while retailers SSI and Puregold both firmed up by more than 2 percent.

On the other hand, there was profit-taking on AGI and FGEN, which both lost more than 2 percent, while Jollibee, Bloomberry, AC and Metrobank dipped slightly.

DA Market Securities said the market’s next resistance levels would be 7,350 and the all-time high of 7,400. For now, the local stockbrokerage said the market would trade in a range, with support at 7,100 and resistance at 7,350.

“Outlook for the PSEi is positively biased with a possible attempt at new record highs as we head into the Christmas rally-January effect. Strategy is to buy selectively on dip,” DA Market said.–Doris C. Dumlao