Philippine stocks post new high anew

MANILA, Philippines—Stocks continued to trek to new heights on Thursday, as investors weighed in talk that the US Federal Reserve would keep interest rates low.

The main-share Philippine Stock Exchange index extended its winning streak for the fourth day, adding 14.13 points, or 0.27 percent, to finish at a record high of 5,218.97.

A new intraday record was all set at 5,247.14.

The PSEi so far has marked 17 record closings since the start of the year. In all, the local index has gained by 847.01

All counters were up except for property. Value turnover was heavy at P7.6 billion.

Despite the overall index gain, investors were becoming increasingly selective. Only 79 stocks advanced against the 102 that declined, while 32 stocks were unchanged.

The index advancers were led by Philex, still basking on the recent oil and gas finds at Recto Bank, which has been said to contain resources bigger than that of Malampaya project.

PLDT, SM Investments, Metrobank and ALI also aided the index.

Stock markets in the United States and across the Asia-Pacific received a boost when the Federal Reserve chair issued a statement, saying that the US central bank would not hesitate to launch another round of bond purchases if the economy were to weaken.

For the time being, however, Bernanke said “it appears that we are more or less in the right place.”