RP stocks sustain gains; PSEi punctures 3,300 level

The Philippine Stock Exchange index advanced for the third successive trading day Wednesday, breaching the 3,300 psychological barrier after industrial and technology stocks on Wall Street rallied overnight. The main index closed 25.23 points or 0.77 percent higher at 3,307.65, with over 1.29 billion stocks worth P3.25 billion changing hands. Gainers outnumbered losers 62 to 33, with 67 issues unchanged. "The market is moving towards the upper resistance level of 3,300, primarily due to the US market's rally, plus the underlying strength brought by the incoming administration's inauguration and first 100 days," Harry Liu, president of Summit Securities Inc. said. "The market is poised for a very positive movement in the next days, trying to go above 3,300. If Wall Street goes up tonight, we will see a stronger market ahead," Liu added. The Dow Jones Industrial Average went up by 213.88 points, while the NASDAQ composite rose by 61.92 points. The Standard & Poor's 500 index, meanwhile, went up by 25.6 points. The PSE’s broader all-share index went up by 17.9 points or 0.87 percent to 2108.77. Subindices across the board posted gains, led by holding firms and mining and oil stocks. —VS, GMANews.TV