Market-moving news keep PSEi above 6,600 level at noon recess

A mix of positive news – domestic and overseas – gave Philippine shares solid footing to stay above the 6,600 level on the main PSEi throughout the morning session.

The benchmark index was up 49.78 points or 0.76 percent to 6,637.27 by the noon break. The broader All Shares was up 35.34 points or 0.89 percent to 3,994.65.    

Freya Natividad, analyst at the Papa Securities, Corp., said the buoyant sentiment was feeding from  positive performance of the the Dow Jones Industrial Average index, which was influenced by the minutes of Federal Reserve's latest policy meeting.

"Locally, the market [is] also absorbing positive news, such as lower inflation, positive profits from companies, and continued expansion of some corporations like Ayala," Natividad said.

US President Barack Obama's Philippine visit this month is also causing supplementary confidence among market participants, she added. – VS, GMA News