Philippine shares pierce 8,800 anew in morning trade

Share prices on the Philippines Stock Exchange pierced the 8,800 territory on the PSEi during the morning session, helped by foreign buying.

There was little drag in the bourse’s smooth sailing course as all sectors closed the morning session in the green, led by financials and holding companies, said Renz Cruz, equity analyst at Regina Capital Development Corp.

The benchmark PSEi gained 99.58 points or 1.14 percent to 8,844.70 as of the noon recess. The broader All Shares climbed 41.48 points or 0.82 percent to 5,107.25.

“The moving average convergence divergence (MACD) is still on a steep buy signal, while the relative strength index (RSI) is just a tad above the overbought boundary  and the directional movement indicator (DMI) is on a buying pressure with a flattening momentum,” according to the Half-Time Report of RCDC.

“On the other  hand, the 8,737-level continues to be a reliable support for the index in the last three sessions, establishing a clear jump board for the index to ascent, given volume and momentum are still picking up,” said Cruz.

A trader at AP Securities Inc. noted there was foreign buying driven by strong global markets

For the PSEi it was the second morning closing above 8,800 since Friday.  It was a continuation of the euphoria of the investing public amid their continued confidence on the country’s economy this year, Summit Securities president Harry Liu told GMA News Online last week. — Jon Viktor Cabuenas/VDS, GMA News