PSEi nears 8,000 mark

Philippine Stock Exchange in Manila. AFP FILE PHOTO

MANILA, Philippines—Local stocks ended at a new record high yesterday, the first trading session of the second quarter and the last day before the market goes on a two-day break for the Lenten holidays.

The benchmark Philippine Stock Exchange index (PSEi) added 0.66 percent, or 52.60 points, to 7,993.09 on Thursday’s close. This is the 24th record high for the PSEi so far in 2015.

Trading volume, however, was lower than expected as fund managers deferred any large moves ahead of the holiday-shortened week. A total of 1.29 billion shares valued at P7.72 billion changed hands yesterday. Data from the PSE also showed that gainers outnumbered losers 101 to 72 while 47 companies closed unchanged.

Sub-indices were likewise mixed at the closing bell. Property firms led gainers at 1.64 percent, followed by financials, up 0.69 percent, and services, up 0.51 percent. Mining and oil slipped 0.91 percent followed by the industrial sub-sector, down 0.2 percent.

Ayala Land Inc. led other firms in terms of trading activity yesterday as it gained 3.9 percent to P1.50 a share.

This was followed by Philippine Long Distance Telephone Co., which was down 0.56 percent to P2,840; Ayala Corp., up 0.5 percent to P799; Philippine Racing Club Inc., up 2.11 percent to P9.20, and Metropolitan Bank and Trust Co., up 1.49 percent to P99 a share. Miguel R. Camus