PSEi continues to rise

STOCKS edged higher to a new record high yesterday despite relatively lower volumes as equities abroad, led by Wall Street, gained after China indicated it could ease monetary policy.

The benchmark Philippine Stock Exchange index (PSEi) followed suit as it rose 0.52 percent, or 41.08 points, to 7,940.49. This was the 23rd all-time high for the PSEi, which has gained 9.3 percent so far this year. Yesterday’s rally fell short of an intra-day high of 8,007.98 achieved last March 30.

Data from the PSE showed that the broader all-shares index enjoyed gains as well as it rose 0.22 percent, or 9.96 points, to 4,560.17. Subsectors closed mixed with mining and oil extending losses yesterday by 1.51 percent. Services and financials also closed in the red while gainers were led by the industrial subsector, which rose 0.48 percent.

Volume was relatively low with 3.3 billion shares changing hands valued at P6.96 billion. PSE data showed that decliners outnumbered advancers, 117 to 66, while 37 companies closed unchanged.

Nickel Asia Corp. led the list of most actively traded stocks as it fell 10.45 percent to P24 a share. This was followed by Universal Robina Corp., which was down 0.71 percent to P222.40, and Metropolitan Bank and Trust Co., down 0.46 percent to P97.55 a share. Ayala Land Inc. gained 2.93 percent to P38.70 while Philippine Long Distance Telephone Co. was up 0.85 percent to P2,854 a share. Miguel R. Camus