MANILA, Philippines—The local stock barometer rallied to a new record high on Wednesday, even probing the 7,500 mark for the first time in intra-day trading, as investors bet on the favorable impact of lower oil prices on the Philippine economy.
The Philippine Stock Exchange index advanced by 91.88 points or 1.24 percent to close at 7,490.88, defying the slump elsewhere in regional markets. The PSEi also hit a new intra-day peak of 7,530.41.
Most counters firmed up led by the property sub-index, which rose by 2.1 percent while the industrial and services counters were both up by over 1 percent.
Only the mining/oil counter was in the red for the day, tracking the slump in global commodities.
“With (low) gas prices fuelling (consumer) demand and low inflation rate in December, the economy has room to grow,” said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.
The index rallied despite the start of a long weekend during, which many investors would otherwise typically hedge by paring down holdings.
The local stock market is closed on Thursday (Jan. 15) and Friday (Jan. 16) during the papal visit. It will resume trading on Monday (Jan. 19).