Index continues to defy reg’l weakness

MANILA, Philippines - Local stocks again ignored the softness in Asian markets and Wall Street, with the main share index climbing to a near four-month high.

The Philippine Stock Exchange index rose 0.51 percent or 32.19 points to 6,354.79, its best closing since 6,355.18 on Nov. 8, 2013. The broader all shares index added 0.37 percent or 14.14 points to 3,832.40.

“Investors at the local market maintained their bullish stance, pushing the index to a second straight session of gains even as the momentum of the advance appears to have slackened just a bit,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

In contrast, global equities failed to secure stronger investor participation.

Wall Street inched up ahead of US Federal Reserve chair Janet Yellen’s monetary policy speech before the Senate Banking Committee. The Dow Jones Industrial average added 0.12 percent or 18.75 points to 16,198.41, while the broader Standard & Poor’s 500 index barely rose 0.04 point to 1,845.16.

Closer to home, Asian markets ended mixed as investors were anxious on escalating political tensions in Ukraine. Japan’s Nikkei 225 fell 0.32 percent or 47.86 points to 14,923.11.

At home, local counters were again mixed, with the gainers led by the property sector that rallied 2.55 percent or 60.45 points to 2,431.73. But the financial sector paced the losers as it slipped 0.55 percent or 8.54 points to 1,556.68.

Turnover value eased to P7.75 billion from P8.07 billion on Wednesday. Advancers outplayed decliners, 90 to 68, while 44 stocks did not change.