Market retests 7,600 level

The local stock barometer sustained its winning streak for the sixth straight session, retesting the 7,600 level, on investor optimism on the upcoming second quarter corporate reporting season.

Ahead of a long weekend break, the Philippine Stock Exchange index racked up 58.09 points, or 0.77 percent, to close at 7,617.13.  Across the region, stock markets were mostly firmer even as US Federal Reserve Chair Janet Yellen confirmed prospects of a US interest rate hike within this year.

For the shortened trading week, the PSEi gained a total of 224.54 points or 3 percent.  (The stock market is closed Friday in observance of the Eid’l Fitr, or Feast of Ramadan).

“I think people are positioning ahead of the second-quarter earnings (reports) and ahead of President Aquino’s state-of-the-nation address (Sona) on the 27th,” said Manny Cruz, chief strategist at local stock brokerage Asiasec Equities.

Although there was still net foreign selling, Cruz said the selling pressure had abated, allowing the market to sustain its upswing for the sixth consecutive session.–Doris Dumlao-Abadilla