The Philippine Stock Exchange Index (PSEi) went back to the 7,400 level on Tuesday, which was the first time it happened in almost six months. The increase is mostly attributed to foreign buying. Read on to learn more about the latest PSEi news.

Here are three things to know about the PSEi's return to the 7,400 level:

1. The PSEi went up by 104.84 points on Tuesday.

The benchmark index rose 1.42 percent to close at 7,446.49 level, according to the PSEi chart. The last time the PSEi rose to this level was on Oct. 26, 2016. It finished at the level of 7,494.41 back then. Manuel Antonio Lisbona , PNB Securities President, said in a text message to BusinessWorld Online that the PSEi should stay above the 7,400 level. If it goes down again, he believes the old trading range will pull the index back to it. He also suggests for the index to establish a new support level at that area.

2. Advancers outnumbered the decliners.

The PSE Index chart on Tuesday also notes that there were 114 advancers and 79 decliners. Meanwhile, 42 were unchanged. The property sector led the gains among the counters with an increase of 76.44 points, or 2.42 percent to finish at 3,225.07.

"There seems to be increased buying pressure from the foreign funds as they were net buyers today," BusinessWorld Online reported Frank Gerard Barboza, Angping and Associates Securities, Inc. equity analyst, as saying in a text message. "Right now the range bound market has taken an initial bullish stance heading into second quarter of 2017." 

3. The broader all-shares index rose 1.06 percent. 

The PSE All Shares index also went up by 47.14 points, closing at 4,460.56. The rest of the sectoral indices also performed well. Financials closed at 1,865.93, with a change of 31.31 points or 1.7 percent. Meanwhile, industrials finished at 10,964.57 level and services closed at 1,585.01. As for the mining and oil sector, it finished at the level of 12,143.28 and the holding firms sector closed at 7,527.5.

PSEi today

The PSE's official Twitter account reports that as of 9:35 am on Wednesday, the PSEi is up by 57.90 points or 0.78 percent at 7,504.39 level. It opened at 7,478.50 points. 

What do you think of the PSEi's return to the 7,400 level after almost six months? Do you think it can stay above that level or will it slide down to its previous level? Let us know in the comments area below.

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