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Manila Bulletin devider Business devider The Stock Market devider PSEi flirts with 7,000 level again

PSEi flirts with 7,000 level again

Published Mar 4, 2024 08:29 am

Positive news from the US boosted local stocks although the Philippine Stock Exchange Index (PSEi) again failed to hold above the 7,000 level.

The main index added 32.08 points or 0.46 percent to close at 6,951.67, boosted by gains of the Services and Property sectors. Volume was firm at 530 million shares worth P5.64 billion as losers outpaced gainers 94 to 88 while 54 were steady.

“Philippine shares continued to rise as investors made bets ahead of the February Ph CPI which comes out tomorrow, as investors gear for the start of another trading month,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “sentiment was buoyed as US stocks rose as the Nasdaq rises to all-time highs as investors bet on megacap technology stocks on an A.I. boom and slowing inflation.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the positive cues from the US markets, along with the robust S&P Global Philippines Manufacturing PMI last February, boosted sentiment.”

She noted that this caused the PSEi to “briefly breach the 7,000 level in the earlier session. However, it failed to sustain that rally as some investors took a cautious stance while waiting for the inflation data to be released tomorrow.”

“Chart-wise, the 7,000 level was a strong psychological resistance level of the market. The long upper wick of the market’s recent candles, however, suggests strong selling pressure,” Alviar said.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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