Philippine equities continued on an uptrend Thursday, helped by bargain-hunting as valuations attracted investors hunting for bargains.
After climbing as high as 7,629 points intraday, the PSEi eased on some profit-taking. The benchmark index settled with only a 0.04 percent gain, or 3.16 points to 7,578.31 at the closing bell. The broader All Shares advanced by 0.11 percent or 4.62 points to 4,334.99.
“This is a sign of strength for the bulls,” RCBC Securities Inc. said in a research note, citing that the market was able to stay above the 7,500 level in spite of the Greek debt crisis.
As long as the market holds above this level, RCBE Securities expects a consolidated in the next few days or weeks within the 7,500 to 7,660 range before trying to retest the resistance levels at 7,900 and 8,136.
The turnover reached 686.8 million shares amounting to P7.59 billion. Advancers outnumbered decliners, 87 to 64, while 62 issues were unchanged.