Stocks breach 7,000 mark

The local stock index Thursday finished beyond the 7,000-mark for the first time in 15 months as select large-cap stocks benefited from the latest MSCI index weight rebalancing and good tidings brought on by the rally on Wall Street.

The main-share Philippine Stock Exchange index racked up 74.76 points, or 1.07 percent, to close at 7,061, closing past the 7,000 mark for the first time since May 31 last year.

PLDT led the day’s upswing, rising by 4.03 percent, and was the most actively traded stock. The index heavyweight got a further weight boost in the closely-tracked MSCI. ALI, the second most actively traded stock, rose by 0.95 percent. it was likewise among those that benefited from the increase in MSCI weight.

On the other hand, URC—said to be among those whose MSCI weight might be reduced—fell by 0.91 percent.

Dealers said the MSCI rebalancing, which would take effect after the end of the month, allowed the PSEi to retest the 7,000 level.

Risk appetite was also buoyed by the overnight upswing of US stocks as investors bet on a more accommodative US Federal Reserve stance after the weak retail sales report came out. Value turnover for the day amounted to P11.29 billion as index-tracking fund managers scrambled to adjust their portfolios in line with the latest MSCI quarterly rebalancing.

There were 98 advancers against 83 decliners, while 48 stocks were unchanged.

Another big index gainer was AC (+3.38 percent) which reported a 34-percent growth in six months. Doris C. Dumlao