MANILA, Philippines — Local stock barometer extended its winning streak for the seventh session on Thursday on upbeat economic prospects.
The main-share Philippine Stock Exchange index gained 30.19 points or 0.49 percent to close at 6,170.05. This happened even as many other Asian markets were weighed down by a weak manufacturing gauge on China.
The day’s upswing was led by the financial counter (+1.54 percent) as several foreign houses issued a favorable rating on big banks.
There were 87 advancers that beat 70 decliners while 45 stocks were unchanged. Value turnover amounted to P7.2 billion.
“The PSEi has finally rallied strong on recognition of continued bright economic outlook and with corporate earnings ahead,” stock brokerage DA Market Securities said in a research note.
DA Market said some profit-taking might be expected as the index approaches initial resistance at 6,265. “Next resistance at 6,482 is pivotal to break out of a larger downtrend,” the brokerage said.
The brokerage house said its PSEi target was conservatively capped at 10 percent gain in 2014 but added that several stocks were poised to outperform the local index. Any dip at 6,000 and below would be a buying opportunity, it said.
Among the large cap stocks that gained in heavy volume were LTG (+5.26 percent), JG Summit (+3.88 percent) and BDO (+3.83 percent). AGI gained by 2.86 percent while MPI and RLC advanced by over 1 percent.
Metrobank, SMIC, ALI, BPI, Megaworld and GTCAP also contributed to the PSEi’s gain.
Outside of the main index, Security Bank (+2.69 percent) advanced in heavy volume on a favorable rating from JP Morgan along with BDO and Metrobank.
On the other hand, URC, AC, Globe and FGEN traded lower.