PSEi up on optimism of stronger global economic recovery
GMATv.net
02/16/2011
Philippine share prices rose Wednesday as speculation of stronger global economic recovery buoyed investor sentiments.
The global economy remains on the "recovery track" and risk sentiment is improving, said analyst Maria Arlysa Narciso of AB Capital Securities Inc.
These positive sentiments overshadowed effects of flaring protests in Bahrain, Yemen, and Iran, according to trader Emmanuel Soller of Equitiworld Securities Inc.
The Philippine Stock Exchange index rose 21.26 points or 0.56 percent to close at 3,812.04, according to PSE's online market information as of 12:10 p.m.
The main index ended the trading session on weak volume, with 771 million shares changing hands. Value turnover totaled P5.023 billion.
Advancers edged out decliners 66 to 56, while 51 issues remained unchanged.
Narciso said that trading may remain "lethargic" for the remainder of the week.
Earnings will likely help move the market, but "the effect may not be so big," she said, adding that investors are more intent on the release of earnings reports.
AB Capital said it is keeping a support of 3,600 and a resistance of 3,800 for the main index. — JE, GMA News
The global economy remains on the "recovery track" and risk sentiment is improving, said analyst Maria Arlysa Narciso of AB Capital Securities Inc.
These positive sentiments overshadowed effects of flaring protests in Bahrain, Yemen, and Iran, according to trader Emmanuel Soller of Equitiworld Securities Inc.
The Philippine Stock Exchange index rose 21.26 points or 0.56 percent to close at 3,812.04, according to PSE's online market information as of 12:10 p.m.
The main index ended the trading session on weak volume, with 771 million shares changing hands. Value turnover totaled P5.023 billion.
Advancers edged out decliners 66 to 56, while 51 issues remained unchanged.
Narciso said that trading may remain "lethargic" for the remainder of the week.
Earnings will likely help move the market, but "the effect may not be so big," she said, adding that investors are more intent on the release of earnings reports.
AB Capital said it is keeping a support of 3,600 and a resistance of 3,800 for the main index. — JE, GMA News
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