PSEi rally continues

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.

Its winning streak now on its ninth day, the Philippine Stock Exchange index (PSEi) gained 9.2 points or 0.12 percent to close at 7,844.06 on selective buying. A new intraday peak was likewise hit at 7,862.91.

The day’s gains were led by the interest rate-sensitive property counter, which rose 1.13 percent. The counter was led by Ayala Land Inc. (+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 P7.51-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 Philippine Long Distance Telephone Co. also perked up the PSEi, rising by 1.14 percent while Energy Development Corp. and Globe Telecom also contributed gains.

On the other hand, Bloomberry fell by 5.27 percent while Universal Robina Corp., Jollibee, DMCI, SM Investments Corp., Aboitiz Power Corp., Ayala Corp. and JG Summit also faltered. Doris C. Dumlao