PH stocks continue to climb

MANILA, Philippines—The local stock barometer rose for the fourth straight session on Wednesday, breaching 6,600 in intraday trade alongside an upbeat Wall Street and regional trading mood.

The main-share Philippine Stock Exchange index (PSEi) gained 73 points, or 1.12 percent, to close at 6,587.72. The index hit an intraday peak of 6,602.82 before paring gains at the close, marking a new high for the year.

Risk appetite was boosted by Tuesday’s breakout from crucial resistance levels alongside favorable US factory data in March that sent the S&P index to record highs overnight.

Dealers said the day’s rise was fueled by foreign investors loading up on local equities. Based on PSE data, there was about P1.4 billion in net foreign buying for the day.

Value turnover was heavy at P11.42 billion, including some block transactions on Metrobank and Alliance Global Inc.

There were 103 advancers that beat 61 decliners while 40

stocks were unchanged.

Investors snapped up shares of Megaworld, Ayala Corp. and URC, which all surged more than 3 percent. Ayala Land, Petron and GT Capital also rose more than 2 percent while SM Prime, AGI and BDO gained by 1 percent.

JG Summit, SMIC, PLDT, Metrobank, Metro Pacific Investments and DMCI also contributed to the day’s gains. Doris C. Dumlao