PSEi breaks 6,500

MANILA, Philippines–Prospects of a sustained monetary stimulus by the US Federal Reserve boosted the main-share stocks index beyond the 6,500 barrier on Friday.

The main-share Philippine Stock Exchange index rallied by 2.6 percent or 166.85 points to close at 6,574.21, rising for a second day following an upbeat overnight trading in Wall Street.

Joseph Roxas, president of local stock brokerage Eagle Equities Inc., said the cue from the US was the biggest catalyst for the day.

“(US) jobless claims at two-month high are indicating that economy is not quite so good, thus entailing more stimulus,” Roxas said.

On Thursday, the Dow Jones Industrial Index surged by 1.11 percent to 15,460.92.  Across the Asian region, however, trading was mixed as economic concerns in China tempered risk-taking.

The day’s biggest gainer was the holding firm counter (+3.37 percent).  Rosy prospects for the Philippine economy against a backdrop of slower global expansion also helped boost investor appetite.

Value turnover for the day amounted to P7.8 billion.  There were 111 advancers that overwhelmed 50 decliners in the market while 39 stocks were unchanged.

The day’s biggest index gainers were Metrobank, Bloomberry, SMIC, FGEN, RLC, AEV and AC which all surged by over 4 percent.  SM Prime, JFC and MPI rose by over 3 percent.

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