PSEi ends at new high

THE LOCAL stock barometer inched up to its 16th record finish on Tuesday, tracking mostly upbeat regional markets.

Now on its eighth day of winning streak, the Philippine Stock Exchange gained 8.79 points or 0.11 percent to close at 7,834.86. Dealers said strong liquidity and generally favorable stream of local corporate earnings stream continued to fuel demand for equities.

The property sector led the day’s gains, rising by 1.39 percent while the financial, holding firm and mining/oil counters also firmed up. The industrial and services counters slipped.

Value turnover amounted to P6.85 billion. Despite the PSEi’s rise, market breadth was negative, with 91 decliners edging out 89 advancers while 39 stocks were unchanged.

SM Prime rose by 3 percent, leading the property counter and the overall PSEi higher. The property giant has reported a 13 percent growth in 2014 net profit to P18.4 billion. Ayala Land also gained by 1.37 percent.

Meralco was up by 1.08 percent after the company reported a core profit of P18.1 billion for 2014, 6 percent higher year-on-year.

BDO, URC, AC, EDC and Megaworld also contributed to the PSEi’s gains.

Outside of the PSEi, one notable gainer was Nickel Asia which climbed by 3.18 percent in relatively heavy volume.

On the other hand, Jollibee fell by 2.83 percent as full-year 2014 results indicated narrowing margins.

PLDT, GTCAP, AGI and Metrobank shares also dipped. Outside of the PSEi, Puregold slipped by 2.18 percent.

Since the start of the year, the PSEi has gained by a total of 8.4 percent or 604.29 points. The index has been on the rise since 2009.

Across the region, stock markets were mostly higher led by technology stocks despite uncertainties over US Federal Reserve chair Janet Yellen’s upcoming testimony before the House Financial Services Committee. Financial markets are closely monitoring whether she will keep the dovish outlook given during the last Fed meeting or signal the start of interest hikes by June.