Share prices close higher

THE PHILIPPINE Stock Exchange index (PSEi) posted a new intraday peak of 7,531.94 on Wednesday before it started to pare gains. Still, the index firmed up at the close of the trading day.

The PSEi gained 21.29 points, or 0.29 percent, to close at 7,474.10.

The main index pierced the 7,500 mark for the fourth day in a row but has been unable to close above this level. But the PSEi exceeded the previous intraday peak of 7,530.41 seen on Jan. 14 this year.

Overall, the sentiment of the market remains upbeat, with new highs expected to be posted this week on the back of higher corporate earnings.

At the local market, the day’s gains were led by the financial, holding firm, services and property counters, which offset the declines seen in the industrial and mining/oil counters.

Value turnover for the day amounted to P12.68 billion. Despite the PSEi’s rise, market breadth was negative. There were 67 advancers against 94 decliners, suggesting that investors were looking for cheaper stocks outside the main index.

The day’s gainers were led by Metrobank, which rose by 2.42 percent, as well as ALI, which edged higher by 1.16 percent. PLDT, FGEN and SMIC also contributed to the day’s gains.