PSEi ends slightly higher

The local stock barometer stabilized Thursday as the slump in the last two days attracted some bargain-hunting.

The Philippine Stock Exchange index (PSEi) recovered 6.24 points or 0.09 percent to close at 6,955.21. Elsewhere in the region, stock markets were mostly lower due to jitters over the turmoil in Ukraine.

By counter, the mining/oil sub-index was the outperformer, rising by 1.85 percent. The financial, holding firm and property counters were also up. On the other hand, the industrial and services sectors ended lower.

Value turnover for the day amounted to P6.95 billion. There were 94 advancers that edged out 83 decliners.

Local stockbrokerage Regina Capital said the PSEi had formed a bullish pattern with its higher intraday low and by holding above the 20- and 50-day moving averages. “Entry point is set on pullbacks near 6,900. Initial resistance is seen at 7,000 but the breakout point is at 7,070,” it said. Doris C. Dumlao