PSEi rises back to 7,600 | Inquirer Business

PSEi rises back to 7,600

By: - Business Features Editor / @philbizwatcher
/ 04:04 PM June 24, 2015

THE LOCAL stock barometer climbed back to the 7,600 level on Wednesday ahead of the Bangko Sentral ng Pilipinas’ monetary setting.

The Philippine Stock Exchange index gained 91.77 points or 1.21 percent to close at 7,643.33, likewise tracking mostly firmer emerging market stocks.

All counters at the local bourse were up, led by the industrial, services and property which all gained by over 1 percent.

Article continues after this advertisement

Value turnover amounted to P6.19 billion. There were 97 advancers that edged out 71 decliners while 37 stocks were unchanged.

FEATURED STORIES

On Thursday, the BSP’s policy-making Monetary Board is set to hold its fourth monetary policy setting meeting for 2015.

SM Prime led the day’s upswing, rallying by 4 percent. PLDT, Metrobank, MPI and AGI all advanced by over 2 percent while URC and Megaworld rose by over 1 percent.

Article continues after this advertisement

ALI, AC and RLC also contributed to the day’s gains.

Article continues after this advertisement

ON the other hand, SMIC, BDO and Meralco ended lower.

Article continues after this advertisement

Local stock brokerage DA Market Securities said in a research note in early Wednesday that the PSEi downtrend that began in April was still intact. Although relative strength index is rebounding from oversold and moving average was pointing to a bullish crossover, DA Market the current move was only a rebound from oversold levels.

“Formidable resistance to support a bullish move will be the break on the upside from pivotal level 7760, the upper end of the downtrend channel,” DA Market said.

Article continues after this advertisement

Only if such level was broken convincingly would it mark an exit from the downtrend and lead to a possible sideways move/consolidation or even a reversal, the local stock brokerage said.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Philippine Stock Exchange, PSEi

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.