PSEi continues trek to new highs

THE LOCAL stock barometer bounced from early losses on Wednesday to close at its 17th record high for 2015 as regional markets were relieved that the US Federal Reserve seemed in no hurry to raise interest rates.

Now on its ninth day of winning streak, the Philippine Stock Exchange index gained 9.2 points or 0.12 percent to close at 7,844.06 on selective buying. A new intra-day peak was likewise hit at 7,862.91.

The day’s gains were led by the interest rate-sensitive property counter, which rose by 1.13 percent. The counter was led by ALI (+1.76 percent) and Megaworld (+1.12 percent).

The services and mining/oil counters also posted modest gains while the financial, industrial and holding firm counters faltered.

Value turnover was heavy at P17.2 billion, bloated by a string of special block transactions including a P7.508-billion trade on Ayala Corp.

Despite the overall PSEi gain, market breadth was negative, with 97 decliners overshadowing 77 advancers while 45 stocks were unchanged.

Index heavyweight PLDT also perked up the PSEi, rising by 1.14 percent while EDC and Globe also contributed gains.

On the other hand, Bloomberry fell by 5.27 percent while URC, Jollibee, DMCI, SMIC, AP, AC and JG Summit also faltered.

Overnight, US stocks rallied after US Fed char Janey Yellen said the US central bank was not likely to tighten interest rates for “at least the next couple” of meetings.