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PSEi up but retreats from 6,900 level

Business | The Stock Market

PSEi up but retreats from 6,900 level

By James A. Loyola

The local stock market dropped from the day’s peak above the 6,900 level but still managed to end higher for the day.

The main index added 20.12 points or 0.29 percent to close at 6,850.16 as Banks led the advance while the Mining counter led 3 sub-indices down. Volume was firm at 535 million shares worth P6.89 billion as gainers beat losers 106 to 91 with 46 unchanged.

“Philippine shares rose for another trading session as investors digested positively the healthy of the US economy through more fourth quarter earnings results. The earnings season has been stronger than expected, giving investors confidence that the healthy economy could continue driving corporate profits,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “back home, sentiment got a boost from the easing unemployment rate. The latter was reported to have eased to 3.1 percent in Dec.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, "this Thursday, the local market rose due to positive cues from Wall Street overnight amid optimism toward US corporate earnings."

"The good results from our inflation and labor data which was released earlier this week continued to satisfy investors which added to the positive sentiment for this session. The bourse started strong and even reached 6,900 intraday but last-minute selling pressures limited gains," he noted.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan

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