Local stocks gain as US markets touch record highs

MANILA, Philippines — The stock market managed to finish in the green after two days of losses.

The benchmark Philippine Stock Exchange index (PSEi)gained 28.06 points, or 0.35 percent, to finish at 7,846.99.

Likewise, the broader All Shares was up 7.01 points or 0.14 percent to end at 4,846.05.

On the other hand, the sectoral indices were a mixed bag with the services, industrial and financials gauges finishing in the red. 

The mining and oil, holding firms and property gauges, meanwhile, ended in positive territory.

Total value turnover reached P8.101 billion. Market breadth was negative, 105 to 87 while 51 issues were unchanged.

Traders said market investors are slowly returning to the market even as they continue to assess the damage left by the earthquake.

There is also not enough catalysts for now, traders said.

“The index ended flatly, but still in the green after two days of losses, to close 28 points up at 7,846.99. Positivity from US markets closing in the green last night with the S&P having a record close may have assisted (yesterday’s) move,” said Gabriel Perez of Papa Securities.

Christoper Mangun of Eagle Equities said the main index is barely holding support at 7,800 level.