The local stock barometer regained ground Tuesday as investors resumed positioning for upbeat 2015 prospects.
The main-share Philippine Stock Exchange index (PSEi) was up 40.64 points or 0.55 percent to close at 7,399. It retested the 7,400 mark in intraday trade, reaching as high as 7,428.92 before closing lower.
Elsewhere in the region, stock markets were mostly higher as China’s trade data exceeded market expectations.
At the local market, all counters firmed up except for the property counter, which was a tad lower. There were 102 advancers that edged out 78 decliners while 44 stocks were unchanged. Value turnover for the day amounted to P8.93 billion.
Joseph Roxas, president of Eagle Equities Inc., said the first quarter was usually an upbeat period for the market. In this case, he said investors were looking more at growth prospects rather than being intimidated by high valuations. Doris C. Dumlao