PSEi rebounds above 7,200

MANILA, Nov. 11 (PNA) — Local shares snapped a two-day slump and bounced back above 7,200 territory on Tuesday, drawing inspiration from the gains in the United States (US) market.

The bellwether Philippine Stock Exchange index (PSEi) increased 12.43 points to 7,204.55 from previous day’s 7,192.12 close.

”The local market’s reaction to the sustained rise and record close in US markets was rather tepid at best,” said Jun Calaycay, analyst at Accord Capital Equities Corp.

Calaycay said quarterly corporate earnings have been quite decent even as banks’ results for the year-to-date continues to show the impact of a slower first quarter and the absence of trading gains.

”The quarter-on-quarter and year-on-year improvements however should lend optimism on the final quarter run,” he said.

Counters were mixed, with the mining and oil and financials sectors in the negative territory.

The sub-indices of other sectors rose slightly.

A total of 3.29 billion shares valued at Php12.39 billion changed hands.

Market breadth was negative as decliners outpaced advancers, 96 to 89, while 40 issues unchanged. (PNA)