Stocks continue to rise

The local stock barometer rose for a third straight session to hit another record closing on Wednesday as ample liquidity overshadowed valuation jitters.

The Philippine Stock Exchange index (PSEi) racked up 71.32 points or 0.92 percent to close at 7,847.83. This topped the previous record finish of 7,844.06 recorded on Feb. 25.

The gains were led by the property counter, which rose 2.05 percent ahead of the release of the country’s inflation report for February. The Philippines is among the few countries seen benefiting most from the slump in global oil prices, being a net oil importer.

The financial, industrial and services counters also firmed up. Only the mining/oil counter edged lower.

Value turnover for the day amounted to P9.2 billion. There were 111 advancers against 69 decliners while 42 stocks were unchanged.

The PSEi was led higher by LT Group, which surged 4.87 percent, while Ayala Land and Bloomberry rose more than 3 percent. Robinsons Land also gained 1 percent.

BDO, Universal Robina, Alliance Global Group Inc. and Ayala Corp. advanced more than 1 percent while SM Investments Corp., JG Summit and SM Prime also contributed gains to the index.

Outside of the PSEi, retailer RRHI was one notable gainer, rising 3.59 percent. Doris C. Dumlao