PSEi rises 0.75%, mirroring US market


Investor interest buoyed share prices on Monday, with the Philippine Stock Exchange Index up 0.75 percent or 59.45 points to settle at 7,992.27. The wider All Shares grew 0.40 percent or 18.98 points to finish at 4,753.36.

“Local shares traded higher, feeding off US equities ending the session higher after posting a solid set of July jobs data,” Regina Capital Development Corp. said in a note.

Juanis Barredo, chief technical analyst at COL Financial, said positive property company earnings also provided a boost.

“Also, many parts of Asia did climb as well fostering lift … [however], we are still in a sideways trading range,” he added.

IB Gimenez Securities, Inc. research head Joylin Telagen said she expected the market to move sideways in the days ahead.

“Resistance, 8,100, while support is seen at 7800. The release of earnings will determine the market directions in the next couple of weeks,” she noted.

All sectoral indices were in the green, led by holding firms that gained 1.02 percent.
Losers led gainers, 99 to 88, while 59 issues were unchanged.



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