MANILA, March 27 (PNA) –- Local share prices bucked the regional trend by eking out slight gains on Friday to end to its 21st all-time high for the year.
The benchmark Philippine Stock Exchange index rose slightly 6.86 points to 7,877.96 from previous day’s 7,871.10 close.
“Record high could mean continued attempt to tread higher with next major resistance at 8,000. (This indicates) still a selective buy on dip for the market,” said Nisha Alicer, chief equity analyst at DA Market Securities Inc.
Alicer believes that with earnings season coming to a close, the local bourse may be more susceptible to external leads.
Brokerage firm 2TradeAsia.com said stocks were almost unchanged as participants weighed in the market’s reaction to the greenback’s volatility.
Almost all counters were in positive territory.
The sub-indices of services and holding firms declined slightly.
Total volume of transactions reached 1.98 billion shares valued at Php9.65 billion.
The market breadth was negative with decliners outpacing advancers, 100 to 69, while 52 issues were unchanged.
The day’s top gainers were led by National Reinsurance Corporation of the Philippines, Agrinurture Inc., Boulevard Holdings Inc., Ginebra San Miguel Inc. and Now Corp. (PNA)