Stocks end in green on late buying spree

The benchmark Philippine Stock Exchange index (PSEi) ended in the green anew yesterday, finishing at 7,141.25 or 41.57 points (0.58 percent) higher.

Similarly, the broader All Shares index closed at 4,362.40, up 20.12 points or 0.46 percent.

Likewise, all sectors finished in positive territory, with mining and oil skyrocketing by 3.05 percent.

Total value turnover, however, was thin at P4.02 billion. Advancing stocks outpaced decliners, albeit by just a small edge, 92 to 85, while 47 issues were unchanged.

Commenting on yesterday’s session, Gabriel Perez of Papa Securities said the market’s performance reflected the lackluster performance in the US market.

“There was little excitement in the PSEi (yesterday) as the index traded weakly for most of the day, reflecting the lackluster movement in US markets (Wednesday) night – recall how the Dow fell by as much as 300 points to close slightly higher at only 90 points down.”

Value turnover, meanwhile was muted at only P3.7 billion while net foreign selling remained present at P150 million.

However, late-day buying managed to push the index to close 41 points higher at the close.

Perez said the index’s buyup yesterday led it to close at its initial resistance area of 7,140, which was the location of Sept. 20’s low, Oct. 8’s retest and Wednesday’s intraday high.

“The next resistance area should the index see a strong breakout would be in the area of 7,430 to 7,470,” he said.