PH shares breach 7,400

The local stock barometer breached the 7,400 mark on Tuesday, perked up by some foreign inflows.

The Philippine Stock Exchange index (PSEi) added 15.76 points or 0.21 percent to close at 7,413.63, rising for the fourth straight session.

“Just a little bit more and we’ll finally have reached resistance at 7,480—that’s just 1.1 percent away from (Monday’s) close. Whether or not we break past said level is likely in the hands of November inflation data, slated to come out mid next week,” local stock brokerage Papa Securities said in a research note.

Papa Securities is looking forward to an inflation figure lower than 6.7 percent, the same level notched in September and October.

“This should by all means be achievable seeing how oil has already dropped by 33 percent from its peak early in October,” the brokerage said.

On Tuesday, the PSEi was led higher by the financial sector, which added 1.1 percent. The holding firm and services counters also firmed up.

On the other hand, the mining/oil declined by 1.62 percent while the industrial and property counters also slipped.

Value turnover amounted to P7.59 billion.  There was P312.8 million in net foreign buying for the day.

There were 98 advancers that edged out 76 decliners while 58 stocks were unchanged.

RRHI led the PSEi higher, rising by 6.8 percent.

Recently, RRHI shares were crossed as part of the deal to take over retailer Rustan Supercenters Inc.

Metrobank—the day’s most actively traded company- added 3.64 percent.

BDO, Jollibee and GT Capital all added over 1 percent, while SM Prime and BPI also rose.

On the other hand, URC dropped by 3.7 percent while Ayala Land, ICTSI and Metro Pacific all tumbled by over 1 percent.

Outside of PSEi stocks, the notable decliners included ISM, which slid by 2.8 percent.  San Miguel Food and Beverage and Bloomberry respectively slipped by 0.72 percent and 0.12 percent.