Market retests 7,000 mark

THE LOCAL stock barometer firmed up for the third session to retest the 7,000 level in thin trade Wednesday before the market paused for a long Christmas break.

The Philippine Stock Exchange index added 36.24 points or 0.52 percent to close at 7,002.42.

Across the region, most stock markets ended higher, tracking the overnight rally in Wall Street which was backed by optimism on the United States’ economy alongside gains in crude oil.

For the shortened trading week, the PSEi gained a total of 135.35 points or nearly 2 percent, partly supported by the start of the yearend window-dressing.

Trading is suspended on Thursday and Friday in celebration of Christmas.

On Wednesday, value turnover at the stock market was thin at P3.27 billion as several traders and investors had already gone on a break.

Foreign investors were in a net buying position for the day amounting to P515 million.

There were 97 advancers that beat 67 decliners, while 42 stocks were unchanged.

The financial, industrial, holding firm, services and mining/oil counters ended higher while the property counter slipped.

AP and LTG led the PSEi, higher, respectively rising by 2.1 percent and 2.74 percent.

PLDT, the day’s most actively traded stock, gained 1.17 percent while GTCAP, AGI, SMIC and RLC all rose by over 1 percent.

Jollibee, BDO, Metrobank, JG Summit, URC, AC and EDC also contributed to the PSEi’s gains.

Outside of PSEi stocks, one notable gainer was gaming firm Melco Crown, which advanced by 6.84 percent in heavy volume.

On the other hand, ALI, SM Prime, BPI and AEV slipped. Doris Dumlao-Abadilla