MANILA, Philippines – The local benchmark index stood its ground yesterday, extending its winning streak despite slumping markets abroad, analysts said.
The Philippine Stock Exchange index (PSEi) improved 0.02 percent or 1.11 points to finish at 7,277.74, erasing losses made earlier in the trading day.
The All Shares index likewise ended positively, climbing 0.07 percent or 3.02 points at 4,285.74.
“A surge of buyers in the afternoon session allowed the index to close in the green for the second straight session,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.
Calaycay, however, said investors’ bullishness at the start of the year has been completely sapped following political uncertainty in Greece and problems in the crude market.
“Whatever traces of optimism that lined Monday’s trades were rubbed out by after-trades and overnight developments,” he said.
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Asian shares were down while all three indexes in Wall Street also ended in the negative territory led by the Dow which lost 1.86 percent or 331.34 points.
Locally, counters were mixed at three apiece. Counters which finished on the green were led by the holding firms which gained 0.90 percent or 57.76 points while the services firms dropped 1.25 percent or 26.47 points.
Value turnover picked up late in the session and more than tripled the morning’s total to P10.43 billion.
“Philippine shares appears to have showed up its Asian neighbors and global peers once more. It climbed out of an early –52.2 points hole and eventually pushing to the green as the day’s clock ran out,” Calaycay said.