Stocks extend modest gains

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) extended its moderate gain for a second consecutive trading session yesterday following positive leads from foreign markets.

The local stock barometer pierced through the 7,100-level to finish at 7,106.56, up 0.33 percent or 23.07 points. The broader All-Share index also climbed 0.30 percent or 12.62 points to 4,208.82.

“Investors are obviously wanting for more proof they can continue to stay confident on the buy side,” Accord Capital Equities Corp. analyst Justino Calaycay Jr. said.

Across Asia, Calaycay said markets were mostly in the green while US markets were shut for Labor Day holiday.

BDO Capital & Investment Corp. president Ed Francisco said there was not enough news locally that was able to push the market sharply upwards.

“Locally, we’re okay. It’s all external. Internally, we don’t have a problem so it’s more of the tensions outside that would affect the market,” Francisco said.

Most counters in the local index were in positive territory except for mining and oil which dipped 0.47 percent or 82.35 points. Holding firms posted the biggest jump across all green counters with an increase of 0.65 percent or 40.23 points.

The value of shares traded stood at P9.69 billion while trading volume reached 2.65 billion.

Advancers edged out decliners, 106 to 74, while 42 stocks were unchanged.

“The first challenge for the PSEi these days is to stay above the 7,100-line and secondary to that, to test resistance at 7,200,” Calaycay said.