PSEi snaps decline, returns to 8,300 level

THE stock market snapped its losing streak on Wednesday with the benchmark Philippine Stock Exchange index adding 23.43 points or 0.28 percent to close at 8,303.35.

The wider All Shares gained 9.24 points or 0.19 percent to

“After several down days, some issues managed to make some rallies— like SM Investments Corp., JG Summit Holdings, Inc., and Ayala Corp.—and this helped arrest corrective tides for the moment,” COL Financial chief technical analyst Juanis Barredo said.

“I still see heaviness as a result of recent over stretches, however, and we would continue to see corrective motions in a number of stocks,” he added.

Summit Securities, Inc. President Harry Liu said “The market is on a medium- term consolidation but seeking the support level … hopefully 8,350.”

He noted that upcoming holidays could delay market gains.

October 31 and November 1 ( All Saints’ Day) have been declared special non- working holidays and November 13 and 15 have also been announced as special non- working days in Metro Manila, Bulacan, and Pampanga as the country hosts the Association of Southeast Asian Nations summit.

Results for the sub- indices were mixed on Wednesday with posting declines.

Over 1.2 billion issues valued at P5.9 billion changed hands.

Losers led winners, 107 to 91, while 39 issues were unchanged.