PH stocks continue to rise

MANILA, Philippines—Local stocks continued their record-breaking climb on Wednesday, bringing the main-index closer to the next critical milestone at 6,100.

The main-share Philippine Stock Exchange index added 42.28 points, or 0.7 percent, to close at 6,091.18, its best finish ever. A new intraday peak was likewise marked at 6,095.07.

The index has recorded new highs every single trading session in the last six days or since trading reopened the new year.

“It’s due to the optimistic outlook plus it’s backed up by a good fundamental environment. Inflation is very tame and interest rates are very low,” said Manny Lisbona, deputy head of PNB Securities.

When interest rates are low, yield-seeking investors tend to increase allocation to equities.

All counters rallied but the biggest gainer for the day was the mining/oil counter (+1.42 percent).  Value turnover amounted to P8.54 billion. There were 109 advancers as against 73 decliners.

The biggest index gainers were Meralco, Robinsons Land, Metrobank, Philex Mining, Aboitiz Equity Ventures, URC, Semirara, SM Prime, Ayala Land and Manila Water.  PLDT, BDO, Megaworld, SM Investments, Metro Pacific Investments and Globe likewise gained.

Among the non-index stocks, Nickel Asia (+5.73 percent) rose in heavy volume. Vista Land was likewise up.

On the other hand, Ayala Corp., Alliance Global and Energy Development Corp. closed lower. There was likewise profit-taking on Puregold and Bloomberry.