PSEi nears record highs

THE LOCAL stock barometer surged closed to record highs on Friday, riding on a strong momentum across the region.
The Philippine Stock Exchange index added 58.86 points or 0.76 percent to close at 7,773.45. The index has thus moved close to the record finish of 7,782.57 posted last Feb.9.
All counters firmed up, led by the industrial and services counters which both rose by over 1 percent.
Value turnover amounted to P8.89 billion. There were 111 advancers which edged out 68 decliners while 47 stocks were unchanged.
The PSEi was led higher by First Gen which rose by 3.55 percent while PLDT, URC, Metrobank, Megaworld and JG Summit all gained by over 2 percent.
Other energy stocks EDC and AP also advanced by over 1 percent.
GTCAP, AGI, AC, SM Prime, SMIC and LTG also gained.
Outside of PSEi stocks, multi-format retailer RRHI shares rose by 1.3 percent.
On the other hand, ALI and MPI lost ground.
Across the region, most markets traded higher on the back of a rally in oil prices,
a ceasefire accord in Ukraine alongside hopes of a debt resolution for Greece. Overnight, U.S. stocks likewise surged back closer to record levels led by technology, materials and energy companies.