Stocks up on upbeat global mood

The local stock market continued its winning streak Wednesday for the fourth session on the back of upbeat global sentiment, lifting the main index back to the 5,400 levels and closer to all-time highs.

The main-share Philippine Stock Exchange index rallied by 38.44 points or 0.71 percent to finish at 5,438.38. The index is nearing the all-time high close of 5,443.74 posted on Oct. 4 and the record intra-day high of 5,484.63 seen last Oct. 5.

“Global markets are on a bull run,” said stock market veteran Wilson Sy, director at fund management firm Philequity Management Inc.

All counters surged except for services (-1.09 percent) after it was weighed down by PLDT (-1.03 percent) and ICTSI (-1.41 percent). The financial, industrial and mining/oil counters led the day’s upswing as their sub-indices climbed more than 1 percent.

Value turnover amounted to P7.32 billion. There were 89 advancers against 66 decliners while 53 stocks were un-

changed.

Local investors took heart from rallying global markets as an initial stream of US corporate earnings beat expectations. At the same time, investors were relieved that global credit watcher Moody’s Investor Service had affirmed its Baa3 investment grade sovereign rating on Spain, allaying concerns of a downgrade to junk status. Doris C. Dumlao