PSEi back to 7,700 level

THE LOCAL stock barometer firmed up back to the 7,700 level on Thursday as investors turned to selective buying amid lofty prices.

Snapping out of a two-day decline, the Philippine Stock Exchange index recouped 28.16 points or 0.37 percent to close at 7,714.59. Elsewhere in the region, trading was muted by concerns on negotiations on Greek debt.

The PSEi’s rebound was led by Bloomberry, which rose by 5.49 percent. In previous days, there was selldown on gaming stocks on reports of intensified crackdown by China against high-rollers.

Metro Pacific Investments, SM Prime and BDO also gained by over 2 percent while PLDT and BPI rose by over 1 percent. URC, AC and SMIC also gained.
On the other hand, Jollibee faltered by 2.2 percent while AGI and EDC slipped by over 1 percent.

ALI, Metrobank and GTCAP also ended lower.

Value turnover for the day amounted to P9.1 billion. There were 91 advancers that beat 84 decliners while 49 stocks were unchanged.

“Stocks have so far resisted after hitting an all-time high of 7,782, indicating some pressure on the upside,” DA Market Securities said.

“With stocks hitting analyst targets and reaching overbought signals, as full-year 2014 earnings are released, we’ve observed rife rotation of fund flows as investors seek for more attractive values in the market,” it added. //30