PSEi rises back to 7,600

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.

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

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.

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

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

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.

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.