THE LOCAL stock barometer rebounded to the 6,900 level in thin trade Monday, aided by seasonal yearend window-dressing activities.
The Philippine Stock Exchange index (PSEi) gained 43.27 points or 0.63 percent to close at 6,910.34 while sentiment was mixed across regional markets.
Value turnover for the day was light at about P4 billion as many investors have switched to holiday mode. Despite the PSEi’s gain, market breadth was negative as there were more decliners (84) than advancers (69).
At the local market, the day’s upswing was led by the property counter, which rose by 1.3 percent. The financial, industrial and holding firm counters also gained. On the other hand, the services and mining/oil counters ended lower.
“Expect more volatility from the index due to continuous increase in 14-day average true range readings week-on-week, indicating more uncertainty with regards to trend direction,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Limlingan said the 20-day moving average at 6,910 could be an area of selling pressure this week, noting that this was where the two-month trendline resistance was set. He sees limited upside potential for the week. Doris Dumlao-Abadilla