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PSE index flirts with crucial 7,100-mark

The local stock market hit the crucial 7,100-threshold yesterday but capped the session a little below it as investors took profits.

The benchmark Philippine Stock Exchange index (PSEi) finished 13.74 points or 0.19 percent higher at 7,096.49 in heavy volume while the wider all shares increased by 2.86 points, or 0.07 percent to 4,200.49.

PSEI-LogoA total of 1.395 billion shares valued at P10.8 billion changed hands. Gainers top decliners, 93-79, with 42 issues unchanged.

Alexander Tiu, analyst at the AB Capital Securities, Inc., said in a phone interview that the market went up on a specific bullish outlook concerning the property sector of US but this is not enough for the market to stay above 7,100-resistance mark.

“In terms of the earnings, a couple of companies actually went down so there’s not much leads coming from the local side,” Tiu further said.

As of 12:00 noon, market recess, PSEi 7,116.49 up 33.74 points or 0.48 percent.

On Wednesday, Philippine shares hit its 14-month high, sending the PSEi to 7,082.75, higher by 55.17 points or 0.78 percent, while the wider all shares went up by 3.21 points, or 0.20 percent to 1,643.63.

Merely a week ago, Philippine shares closed a session above the 7,000-major resistance level for the first time this year amid rally in Wall Street, optimism brought by MSCI Philippine index, and performance of some blue chip firms.

On the July 6 trade, PSEi particularly soared by 74.76 points, or 1.07 percent to 7,061.00, while the wider all shares ended 23.25-points higher, or 0.56 percent to 4,200.80.

Except for mining and oil sector and holding firms, which lost some points, majority of the sectoral indices also went up alongside the main composite index.

Valued higher at P10.8 billion, the total number of shares that was traded on Wednesday stood at 1.4 billion. Advancers also beat decliners, 93 to 79, while 42 where unchanged.

There will be no trading today, a legal holiday, for the observance of Ninoy Aquino Day. It will resume on Friday and will take on another holiday break on Monday, August 25, to pave way for the celebration of National Heroes Day.