PSEi fails to breach 6,900 mark

The benchmark Philippine Stock Exchange index (PSEi) rose Tuesday and tested the key 6,900 level before paring gains by the session’s close as Asian stocks declined, partly as Thailand’s army imposed martial law.

The PSEi closed up 0.17 percent, or 11.83 points, to 6,883.72. Subsectors came in mixed, with only the services sector closing in the red, or down 0.04 percent. Gainers were led by industrial companies, which rose 0.41 percent.

“It seems 6,900 is turning out to be a strong resistance and investors decided to play it safe. Even at this level, valuations are steep,” First Grade Finance Inc. managing director Astro del Castillo said in an interview.

Del Castillo noted that with the first-quarter earnings season done, investors had little news to look forward to. He noted that there could be potential positive announcements coming from the World Economic Forum on East Asia, which kicks off Wednesday at the Makati Shangri-la Hotel. Miguel R. Camus