PSEi nears all-time highs on higher US manufacturing output

Image from pse.com.ph

MANILA, Philippines—The local stocks index resumed its climb on Tuesday, moving closer to all-time highs, as a favorable US manufacturing report boosted sentiment across the region.

The Philippine Stock Exchange index rallied by 40.16 points, or 0.76 percent, to close at 5,348.68.

The highest closing level of the PSEi was 5,369.98 posted last July 5 while the intraday peak was at 5,403.16 seen last July 4.

Trading was upbeat in most markets in the region on reports that US factory output expanded slightly last month for the first time since May.

All counters climbed on Tuesday, including the mining/oil index, which had been battered in previous weeks. The biggest gainer was the holding firm counter (+1.2 percent).

Gainers trumped decliners 83-68 while 58 stocks were unchanged.

The biggest index gainers were JG Summit (+3.13 percent), Meralco (+2.72 percent), Philex (+2.68 percent), Petron (+2.48 percent), AGI (+2.47 percent) and BDO (+2.09 percent).

EDC, SMIC, MWC, BPI, AC, Metrobank, DMCI and Megaworld also contributed gains to the PSEi.

Among the non-PSEi stocks, those that gained in heavy volume were Alcorn Gold (+9.52 percent), Bloomberry (+1.8 percent), Puregold (+0.84 percent) and FPH (+0.51 percent).

On the other hand, URC and SM Prime closed lower. Security Bank also succumbed to some profit-taking.