PSEi breaches 6,000 mark

The local stock barometer closed past 6,000 for the first time this year in thin trading Monday but risk appetite is tempered by the peso’s weakening against the dollar.

The main-share Philippine Stock Exchange index (PSEi) climbed for the fourth consecutive session and gained 18.5 points or 0.31 percent to close at 6,005.60. Elsewhere in the region, trading was mostly sluggish even as China met market expectations of fourth quarter economic growth.

At the local market, all counters ended in positive territory, supporting the PSEi’s breaching of the 6,000 level at the close after several futile attempts to do so. The day’s outperformer was mining/oil (+2.25 percent).

There were 90 advancers that beat 70 decliners while 40 stocks were unchanged. Value turnover was thin at P4.31 billion.

Manny Cruz, chief strategist at Asiasec Equities, said: “I think the  tentativeness of the market pointed to the continued weakness of the peso.”

He said the PSEi might consolidate first and continue its uptrend if the peso exchange rate against the dollar would return below 45:$1.

“We’re looking at 6,200 as our target for the first quarter,” he said, adding that 6,150 would be the next resistance level.

Leading the PSEi higher yesterday were Ayala Land (1.13 percent) and Megaworld (+1.99 percent) while investors also loaded up on shares of BDO, PLDT, SM Investments, Metrobank, Ayala Corp. and URC.

SM Prime slipped 1.8 percent while LTG lost 0.81 percent on profit-taking after last week’s sharp rise. Doris C. Dumlao