Stock market picks up

MANILA –The local stock barometer swung back to positive territory on Monday as investors revealed the second quarter earnings reporting.

The Philippine Stock Exchange index closed at 7,027.58, 19.07 points or 0.27 was added. The value turnover also for the day is at P8.25 billion. However, despite this, the market breadth was negative given that there are 118 decliners as opposed to 70 advancers while 41 stocks were unchanged.

With the PSEi breaking the 7,000-mark, AB Capital Securities analyst Joyce Ann Ramos, a follow-through upside movement will happen this week given that many portfolio managers will have to adjust their funds in order to duplicate the new equity weighing. This will be the scenario until the rebalancing effectivity on September 1.

“However, as corporate earnings and foreign updates remain as market catalysts, [a] cautious stance will mostly be observed by the investors,” she said.