Index surges past 6,700-pt level

MANILA, Philippines - Positive developments abroad during the Lenten holidays carried the benchmark index past the 6,700 level for the first time this year.

The Philippine Stock Exchange index (PSEi) climbed 1.44 percent or 96.33 points to 6,767.51, its best since closing at 6,800.11 on July 25, 2013. The broader all shares index jumped 1.26 percent or 50.74 points to 4,063.77.

“A favorable newsfront over an extended Lenten weekend delivered positive impetus to this week’s opening trades, extending the PSEi’s winning run to a third day and validating the 6,570 to 6,600 support band,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

“This is a positive reaction to international markets, which strongly moved up over the long weekend and Lenten break due to positive economic data in the US,” Nisha S. Alicer, research strategist at DA Market Securities, said in a text message.

For instance, tensions in the Ukraine eased following a pact reached by the Western allies and Russia, Calaycay said, adding that positive numbers emerged from the US on the jobs and manufacturing fronts.

In contrast, Asian markets lacked buying leads and closed silently yesterday. Japan’s Nikkei 225 slightly fell 0.03 percent or 3.89 points to 14,512.38.

In the local scene, all counters ended in positive territory, paced by the service sector that rallied 2.22 percent or 43.69 points to 2,014.24 while property firms surged 2.21 percent or 57.59 points to 2,663.10.

“Locally, we’re getting positive indications on first quarter earnings expected to stream in by May,” Alicer said.