MANILA, Jan. 13 (PNA) –- The local stock market regained the 7,400-level on Tuesday, bucking the regional downtrend, as optimism spread among investors.
The benchmark Philippine Stock Exchange index (PSEi) advanced 40.64 points or 0.55 percent to 7,399 from the previous day’s 7,358.36 close.
”The previous day’s retreat provided enough rest for the local market as investors returned armed with liquidity and enough optimism to push the PSEI back above the 7,400-mark — a move that defied general trends in the region which mostly tracked the overnight performance of US stocks,” said Jun Calaycay, analyst of Accord Capital Equities Corp.
Value turnover, however, dropped back below the Php10 billion-mark to Php8.93 billion with 2.15 billion shares traded.
“…Either an indication that investors are apprehensive (possibly ahead of an extended weekend) or that those who entered positions during the Santa Claus rally continues to hold, a signal that they are still waiting for better prices,” Calaycay added.
All counters were in positive territory, except property sector that declined slightly.
Advancers led decliners, 102 to 78, while 44 issues unchanged.
The day’s top gainers were led by Concrete Aggregates Corp., National Reinsurance Corporation of the Philippines, Manila Mining Corp., Prime Media Holdings Inc. and MRC Allied Incorporated. (PNA)