Stock index stays above 8,000

The local stock barometer gained modestly on Monday, rising for the fifth straight session and staying above 8,000 despite a mixed session in the region.

The main-share Philippine Stock Exchange index (PSEi) added 5.11 points or 0.06 percent to close at 8,060.58 on selective buying of large-cap stocks.

“With the index holding above the 8,000 level, and even closing at its intra-day high last Friday despite the FTSE rebalancing, bias for movement in the near-term is still to its resistance level at its recent high of 8,139,” local stockbrokerage Papa Securities said.

“With a lack of local catalysts this week, event to look to now should be the G-20 Summit at the end of the week,” it added.