PSEi surges to new high for 2014
The local stock barometer surged to a new high for the year Tuesday, firming up above the 7,000 mark, on follow-through buying related to the MSCI rebalancing alongside a favorable regional backdrop.
The Philippine Stock Exchange index (PSEi) racked up 55.17 points or 0.79 percent to close at 7,082.75, setting a new peak for 2014.
Across the region, markets were mostly higher due to the favorable US housing data and easing geopolitical tension in Ukraine.
All counters were up but the biggest gainer was the mining/oil counter, which advanced by 1.17 percent.
Value turnover for the day amounted to P13.26 billion. There were 100 advancers as against 81 decliners while 41 stocks were unchanged.
Two of the day’s most actively traded stocks were Philippine Long Distance Telephone Co. (+0.43 percent) and Ayala Land Inc. (+1.69 percent) as index-tracking funds added shares in line with increased weights in the latest MSCI rebalancing, which will take effect after the end of this month.
GT Capital, Ayala Corp., Energy Development Corp. and Aboitiz Power Corp. all rose by 2 percent while Alliance Global Group Inc. rebounded by 1.41 percent. Metrobank, Universal Robina Corp., BDO Unibank and SM Prime Holdings Corp. also contributed gains.
Petron Corp. slid by 7.24 percent to P11.78 after its retirement fund disclosed plans to sell 380 million shares at a discounted price of P11.50 a share.
Puregold continued to slip but at a modest pace (-0.15 percent) versus the freefall in the last three trading days while parent Cosco rebounded by 2.5 percent. Controlling shareholder Lucio Co has recently bought back shares of both Puregold and Cosco from the open market to support its stocks. Doris C. Dumlao
