Profit stories seen to lift index

Local financial markets were closed on Thursday to welcome the new Lunar Year of the Green Wooden Sheep.

Before the holiday break, the Philippine Stock Exchange index closed above the 7,800 for the first time on Wednesday.

Defying expectations of profit-taking as many stocks hit overbought levels, the index gained another 10.05 points, or 0.1 percent, to close at a new high of 7,803.45 on Wednesday. The PSEi also set a new all-time intraday high at 7,840.39.

“We are optimistic that emerging markets like the Philippines will remain resilient amidst uncertainties in the euro zone. On the local front, we expect corporate profits and dividend stories to continue to lift the market,” said PSE president Hans Sicat.

Since the start of the year, the PSEi has gained by a total 7.9 percent.

To mark the new Lunar Year, the PSE held dragon and lion dances on the Ayala and Tektite trading floors.

Trading will resume today. Doris C. Dumlao