Stocks nearing 6,000 mark

Local stocks surged to a new high for the third day in a row, lifting the main index Friday closer to the crucial 6,000 mark.

The Philippine Stock Exchange index added 37.4 points, or 0.63 percent, to close at 5,971.45, breaking the market’s records in intraday trade and closing level.

Value turnover amounted to P7.59 billion. There were 98 advancers against 67 decliners, while 49 stocks were unchanged. All counters ended higher except for the industrial sub-index.

Most stock markets in the region fell on profit-taking Friday, especially after the US Federal Open Market committee aired its concerns on the impact of the US central bank’s bond-buying program under its quantitative easing program.

Despite an overnight pullback in US equities, Metrobank said in its daily research note that turnover was expected to pick up as institutional investors come back from their holiday break.  Doris C. Dumlao