PSEi reaches 7,300 mark

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MANILA – The economy remains bullish as the Philippine Stock Exchange index (PSEi) climbed back to the 7,300 mark on Tuesday.

The index increased by 97.12 points or 1.35 percent to close at 7,312.85.

The biggest gainer was the services counter with 2.02 percent increase led by PLDT’s 4.42 percent surge. Likewise, the industrial and holding firm counters increased by more than 1 percent.

According to AB Capital Securities, the PSEi was on a “confirmed bullish breakout” given that it was able to move out of the downtrend. They expected that the 7,300 will be retested in the coming weeks.

“Having entered into third-quarter earnings season, investors are now positioning ahead of possible positive surprises in the succeeding weeks,” AB Capital Securities said.

There were 98 advancers that day with 83 decliners and 47 unchanged stocks. Moreover, value turnover amounted to P7.66 billion.

Another strong performer aside from PLDT was Metrobank that gained 4 percent. Likewise, URC gained 3.76 percent while GT Capital, SM Investments and AGI gained 1 percent.