Stock market breaches 7,400 point threshold

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Metro Manila (CNN Philippines, July 18) — The Philippine stock market continues its recovery from its slump last month.

Trading at the Philippine stock exchange closed at 7,451.37 points today, a 0.94 percent change from the 7,381.68 close yesterday.

All sub-indices closed in the green, with the property and holdings sub-indices posting the largest gains.

Traders mark this point as a break in the 7,400 psychological resistance, and could further encourage trade.

"The index traded strongly from the get-go, breaking past the 7,400 psychological resistance early in the morning as it may have drawn from the positivity of the U.S. markets last night," said Gio Perez of Papa Securities Corporation.

Perez noted that Megaworld Corporation (MEG), Ayala Land, Inc. (ALI), and Ayala Corporation (AC) were the top gainers for the day, with the latter two having the highest net foreign buying figures of ₱50.5 million and ₱35.3 million respectively.

Miki Sayo of AP Securities said that he expects the market to recover further.

"It broke above the critical 7,400 resistance today. I think even if the trade volume was low, we can expect trading to creep higher from today," Sayo said.

The peso today closed at ₱53.49 versus the U.S. dollar, ten centavos weaker than yesterday.