Index snaps out of 3-day downturn

The market finally snapped out of a three-day decline, but nobody can pop the champagne bottles just yet as the recovery remains minimal.

The benchmark Philippine Stock Exchange index (PSEi), the local stock market barometer, made a last minute u-turn yesterday, finishing in the green albeit just a notch.

The PSEi ended at 7,059.39, up 8.56 points or 0.12 percent, in contrast to its dismal performance for most of the day.

On the other hand, the broader All Shares index was down 12.15 points or 0.27 percent as were most of the indices – mining and oil, services, financials and holding firms.

Only the industrial and property gauges managed to stay afloat.

Total value turnover remained thin, however, despite the last minute u-turn of the market, hitting just P3.996 billion.

Market breadth was negative, 103 to 75, while 53 issues were left unchanged.

The breadth of the market is still relatively on the negative side and I don’t think you’re going to overturn that with a one second change,” COL Financial senior vice president Juanis Barredo said.

“I don’t think you’re going to overturn that with a one second change,” he said.

If the PSEi breaks 7,000, the market could be headed for 6,500.