The Philippine Stock Exchange Index (PSEi) breached the 7,600 level on Monday. Analysts say that positive sentiments from Wall Street boosted the gains. Read on to learn more about the PSEi news update.
Three Fast Facts About The PSEi Breaching The 7,600 Level:
1. The PSEi rose 0.45 percent on Monday, April 10.
According to the PSE's Daily Quotations Report, the PSEi increased by 34.16 points or 0.45 percent yesterday, finishing at 7,617.91 level. This has been the best finish since Oct. 24, 2016's 7,609.31 level. Meanwhile, the PSE All-Shares index rose by 17.45 points or 0.38 percent to close at 4,541.61.
"The market extended gains from last week," BusinessWorld Online reported Jeremy Yumul, RCBC Securities analyst, as saying in an interview over the phone. "This was boosted by positive sentiments from Wall Street."
2. There were 101 advancers and 88 decliners.
Advancers beat out decliners, 101 to 88, while 50 were unchanged. Aside from this, all sectoral counters also posted gains on Monday. Property rose 37.24 points or 1.12 percent to close at 3,347.64. It was followed by the services sector which increased by 17.01 points or 1.06 percent to 1,608.41.
On the other hand, financials added 0.32 point or 0.01 percent to finish at 1,899.22, while industrials increased by 71.55 points or 0.64 percent to 11,219.66. Holding firms also rose 0.97 point or 0.01 percent to 7,657.49 and mining and oil added 41.62 points or 0.34 points to close at 12,139.59 level.
“Given the day’s volume, in general, today’s gains are not as pronounced as compared to last week,” Yumul added.
3. Net foreign buying was at P466.66 million.
Net foreign buying was down to P466.66 million from last session's P1.55 billion. A total of 1.48 billion issues changed hands, which was worth P6.07 billion. It also went down compared to the P9.74 billion turnover on Friday, April 7.
"Philippine market traded with an upward bias while US stocks ended a wild roller coaster of events last Friday before closing more or less unchanged as investors juggled implications of the US air strike against Syria, a mixed/disappointing -- albeit weather-impacted -- March jobs report and commentary on the Fed’s balance sheet trimming strategy," Luis Limlingan, Regina Capital Development Corp. Managing Director, said.
Yumul said that the PSEi is expected to continue its upward trend. He expects it to be within the 7,500 to 7,667 range. However, this will still depend on whether or not major developments happen this week which will affect the PSEi.
"There might be a shock if there are developments given the events between US and Syria," Yumul added.
According to the PSE's Twitter account, the PSEi is currently at the 7,643.77 level as of 10 am on Tuesday. It is up by 0.34 percent or 25.86 points.
What do you think of the PSEi breaching the 7,600 level on Monday? What about the PSE All Shares Index’s upward trend? Do you think it will reach the 7,667 range? Let us know in the comments area below.