PSEi closes at 2016 high
The local stock barometer gained for the fifth straight session to finish at a new peak for the year, drawing strength from stimulus hopes that continued to lift regional markets.
The Philippine Stock Exchange (PSEi) index gained 12.12 points or 0.15 percent to close at 7,956.14.
The day’s gains were led by the financial, industrial, holding firm, mining/oil and property counters. Only the services counter slipped.
Value turnover for the day amounted to P8.21 billion. There were 121 advancers that edged out 73 decliners while 48 stocks were unchanged.
Foreign investors continued to gobble up local stocks, resulting in P1.3 billion in net foreign buying for the day.
“Philippine markets took their cues from overseas. US stocks inched higher setting fresh record highs confirming that the current bull run is still intact. The current bull run is now the second longest in US history,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Limlingan said global investors would henceforth closely monitor whether better-than-expected economic data had helped arrest a slide in the earnings of America’s biggest companies.
Meanwhile, he also noted that European stocks had rallied alongside with US equity index futures and the British pound ahead of an expected cut in UK interest rates. On the other hand, he noted that Japanese shares had climbed while the yen slumped on speculation that Prime Minister Shinzo Abe was contemplating the use of so-called “helicopter money,” which involves the central bank directly funding government spending, to revive the world’s third-largest economy.
The PSEi’s rise was led by AGI and MPI, which both rose by over 2 percent. GTCAP and Megaworld both gained over 1 percent. Doris Dumlao-Abadilla
