PSE index as of February 20, 2014, 3:46 PM. Screengrab from https://www.pse.com.ph
MANILA, Philippines–Local equities continued their winning streak for the fifth session on Thursday, allowing the main barometer to breach 6,300 on the back of improved foreign investor sentiment.
The main-share Philippine Stock Exchange index gained another 58.14 points or 0.92 percent to close at 6,352.76 despite an overnight pullback in US stocks and the lackluster regional markets.
At the local market, all counters advanced led by the industrial and holding firm counters which gained over 1 percent.
“The market rally has been inspired by both local and foreign investors that are finally recognizing attractive valuations in the Philippine market, lower multiples especially after 2013’s significant decline, amid positive full-year 2013 earnings results and forward-looking forecasts for 2014 and beyond,” said Nisha Alicer, head of research at DA Market Securities.
“Investor confidence is being built up again after 2013 decline,” she said, noting that Philippine fundamentals have remained intact.