PSEi gains for 3rd straight session

MANILA, Philippines—The local stock barometer firmed up for the third session in a row on Tuesday despite a generally sluggish regional market.

The Philippine Stock Exchange index added 12.5 points or 0.17 percent to close at 7,344.23.

All counters were up as investors picked up selected large-cap stocks. Despite the PSEi’s slight rise, there were more decliners (91) than advancers (83) in the broader market. Value turnover amounted to P8.9 billion.

Meanwhile, the listing of tech stock Xurpas brought excitement to the market. Its share price rose by nearly 50 percent from the initial public offering price.

The PSEi was led higher by Megaworld (+2.38 percent) while RLC, AP and GT Capital all rose by over 1 percent. URC, AC, BDO, SM Prime, Jollibee, EDC and AGI also contributed to the index gains.

Outside of PSEi stocks, Melco Crown (+3.56 percent) was one notable gainer ahead of the opening of City of Dreams Manila while SSI and Vista Land gained over 2 percent.

On the other hand, share prices of Metrobank, Bloomberry and LTG declined.

Local stock brokerage DA Market Securities said that with the market now trading right under the 7,413 major resistance and all-time high, a potential piercing of this level would indicate a more bullish bias.

“However, discounted market placements and thinning trading volumes within the holiday season can trigger a bias to test lower major support at 7,200 (the 30- and 60-day moving average), that has continued to prove resilient since the October low,” DA Market said.

DA Market reiterated its call for a buy on dips, viewing any weakness — particularly those triggered by stock placements – as pockets of opportunity.

The brokerage said it was looking forward to the index “charting fresh highs through seasonally positive end-year (December) and of the year (January/February) when companies announce their fourth quarter and 2014 earnings results.”