MANILA, Nov. 6 (PNA) — Local shares rebounded from two-day losses, tracking gains posted in the United States and European bourses.
The barometer Philippine Stock Exchange index (PSEi) increased 27.82 points to 7,236.63 from previous day’s 7,208.81 close.
Jun Calaycay, analyst at Accord Capital Equities Corp., said local share prices defied the Asian markets which were mostly lower.
”Europe and US stocks climbed overnight mainly on earnings and signs the latter’s economy is on track,” he said.
At home, Calaycay said the market rallied following upbeat corporate earnings of several listed companies.
”The PSEi has so far been able to hold above 7,200. As more numbers come in in the days ahead, we can expect this to rise to the 7,300-7,400 band,” he said.
All counters were in positive territory, except the services sector that declined slightly.
A total of 4.36 billion shares valued at P9.75 billion changed hands.
Despite the PSEi’s gain, market breadth was negative as the decliners outnumbered gainers, 90 to 88, while 46 issues were unchanged. (PNA)