PSEi looks to 7,000 as economy prepares to hit refresh
The stock barometer firmed up at the beginning of the week as investors took position in anticipation of the country’s economic recovery.
The Philippine Stock Exchange index (PSEi) added 9.7 points, or 0.14 percent, to close on Monday at 6,917.49, tracking mostly firmer markets across the region.
The market was shored up by the financial and services counters, which both rose by over 1 percent, while the industrial counter added less than 1 percent.
The holding firm, mining/oil and property counters all dipped by less than 1 percent.
“Investors secured profits from recent high-flyers like Ayala Land, SM Investments and URC to reposition in issues that have already pulled back like SM Prime and BDO. ICTSI continues to be the pack leader as it marks a new all-time high again [on Monday], posting a 25-percent gain from the beginning of the year,” said Christopher Mangun, head of research at AAA Equities.
Value turnover amounted to P6.32 billion. There was modest net foreign buying of P20 million.
Article continues after this advertisement“The PSEi may continue higher and break above its major resistance between 6,950 and 7,000 as investors hold on to positions and gain more confidence in the economic recovery,” Mangun said.
There were 117 advancers that edged out 91 decliners, while 54 stocks were unchanged.
