Index stays above 7,700

MANILA, Philippines -  Share prices managed to stay above the 7,700 level yesterday, mirroring the general uptrend in regional stocks, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) gained 25.99 points, or 0.33 percent, to finish at 7,726.45. Similarly, the broader All Shares index gained 15.92 points, or 0.34 percent, to end at 4,612.80.

Most counters ended in positive territory except for the financials index.

Gainers were led by the services sector, which gained 1.44 percent.

Total value turnover reached P6.46 billion. Advancing stocks outnumbered decliners, 98 to 81 while 55 stocks were left unchanged.

“The main index rose in early trades propelled by the previous day’s momentum but a stiff challenge by the bears, partly driven by profit-taking and specific corporate news, capped the rise at 7,733,” according to Justino Calaycay of Philstock Financials.

Sentiments were partly influenced by Goldman Sach’s reported bearish outlook on Philippine bonds and cast a bit of a cloud on the currency, he added.