Stock prices firm up

The local stock barometer firmed up to retest the 7,600 level in thin trading Monday, sharing regional markets’ optimism on the resolution of the Greek debt crisis.

Reversing early losses, the Philippine Stock Exchange index (PSEi) gained 7.97 points or 0.11 percent to close at 7,609.14. Across the region, stock markets were mostly higher as Greece and the European Commission worked on last-ditch measures aimed to avert a debt default by Greece.

This developed as the Philippine Stock Exchange and Nasdaq announced Monday that the PSE had a successful migration to the PSEtrade XTS trading system powered by Nasdaq’s X-stream trading technology.

The day’s modest gain was supported by the industrial, services and property counters while the financial, holding firm and mining/oil counters ended in negative territory.

Value turnover was thin at P5.44 billion. There were 97 advancers that edged out 67 decliners while 40 stocks were unchanged.

Meralco led the index higher, gaining 1.75 percent while EDC also rose by 1.59 percent. URC and Megaworld also rose by more than 1 percent. BDO, Globe, Metrobank, DMCI, JG Summit, MPI and ICTSI also contributed to the PSEi’s gains.

On the other hand, shares of ALI, SMIC, Jollibee, PLDT, BPI, AC and GTCAP declined. One  notable decliner outside of the PSEi was gaming stock PLC, which tumbled by 3.85 percent.

Luis Gerardo Limlingan, managing director at local stockbrokerage Regina Capital, said investors should expect a choppy week as the index attempts to reverse its downtrend, citing improving technicals.

“Breaking 7,690 will be our bullish condition this week,” Limlingan said. “On the other hand, selling pressure remains strong that sharp pullbacks down to 260-day moving average are possible based on current volatility readings and bearish intraday patterns.”

Meanwhile, PSE president Hans Sicat said the shift to the new trading engine was a milestone, noting that the exchange was fortifying technology platforms in line with our vision to be a premiere exchange with world-class standards.  Doris Dumlao-Abadilla