PSEi breaches 8,000 on early trading
on US market, window-dressing

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SHARE prices rebounded during the early trading Wednesday, hitting the 8,000 resistance level as the local market mirrored its US counterpart closing up overnight, coupled with possible window-dressing.

The benchmark index jumped 1.05 percent or 83.48 points at 8,055.20. The broader All Shares rose 0.64 percent or 30.55 points at 4,783.88.

“As of lunch break we think it s because of the earnings that powered Wall Street higher overnight … This may just fan renewed buying in the Philippines and across the region,” Regina Capital Development Corp. said in a note.

“Another push at 8,000 may be seen as we approach window dressing,” it added.


Market indices were in the green led by Property (1.45 percent), Holding Firms (0.93 percent), Mining and Oil (0.89 percent), Services (0.78 percent), Financials (0.55 percent), and Industrial (0.47 percent). ANGELICA BALLESTEROS

 

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