MANILA, July 23 (PNA) — Bargain hunting late Thursday buoyed the benchmark Philippine Stock Exchange index (PSEi) to sustain its uptrend above 7,600-index level.
The PSEi advanced 17.60 points to 7,653.22 from previous day’s 7,635.62 finish.
“This (market’s surge) suggests that bargain hunters are just being patient in their pricing. Our expected test the 7,700 still has to materialize but it should come soon,” said Jun Calaycay of Accord Capital Equities Corp.
Calaycay said the market’s continued rally depends on the outlook for corporate earnings and broad economy.
“Unless another round of surprises emerge in from Europe–Greece– we expect the conditions in the market to continue to improve,” he said.
Thursday’s market rally was led by mining and oil that advanced 1.61 percent.
The property sector declined slightly.
Total volume of transactions reached 3.33 billion shares valued at Php7.32 billion.
Advancers outpaced decliners, 95 to 76, while 45 issues were unchanged.
Two oil and mining firms –Oriental Petroleum and Minerals Corp. and Semirara Mining and Power Corp. were among the top gainers during the day.
Others include Harbor Star Shipping Services Inc., Melco Crown (Philippines) Resorts Corp. and 2Go Group Inc. (PNA)