PSEi gains 0.10%; market fails to breach 8,100


SHARE prices finished just slightly higher, with the market failing to breach the next resistance level at 8,100 on the PSEi.

The benchmark Philippine Stock Exchange index (PSEi) closed up 0.10 percent or 8.27 points at 8,045.78. It was up 0.77 percent at the noon break.

The wider All Shares inched up 0.04 percent or 1.78 points to settle at 4,781.58.

“I think it’s a typical market. Yesterday, we saw the market breach its resistance … It’s just that I think there is a new resistance at 8,100, given the market is still up but it’s still above 8,000. It just broke out but not all the way through,” BDO Unibank chief market strategist Jonathan Ravelas said.

“So far, I guess if we look at it compared to yesterday’s close, it’s still up. So it looks like there is still momentum on the upside,” he added.

Eagle Equities Inc. President Joseph Roxas said the market “has a hard time moving higher” due to lack of liquidity.

The Property sector lost 0.69 percent while Services dropped 0.39 percent.

Holding Firms rose 0.57 percent, Mining and Oil was up 0.53 percent, Industrials climbed 0.36 percent, and Financials inched up 0.19 percent.

Cemex Holdings Philippines Inc. lost 10.51 percent while GT Capital Holdings Inc. gained 2.20 percent.
Volume turnover reached more than 1.9 billion shares with a value of P7.1 billion.

Decliners outnumbered advancers, 115 to 94, while 53 issues were unchanged.


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