Index breaks through 7,100-pt barrier

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) smashed through the 7,100-point barrier for the first time this year, powered primarily by the continued optimism in local as well as global equity markets, analysts said.

The PSEi continued its four-day rally after gaining 0.52 percent or 36.60 points to close at a fresh 14-month high of 7,133.09. The broader all share index finished at 4,217.55, up 0.41 percent or 17.06 points.

Yesterday’s finish was the first time the bellwether index closed above the 7,100 line since May 29 last year according to Accord Capital Equities Corp. analyst Justino Calaycay Jr.

“The PSEi rose for a fourth straight day, driven by record-setting performance of US stocks overnight. Asian markets were likewise higher for the same reason,” Calaycay said.

Asian shares continued to ride momentum from upbeat US economic data which sparked another record close on Wall Street.

Gab Aguila, DA Market Securities analyst, said the easing crises have brought optimism back into world markets which likewise provided investors a better idea on growth outlook.

Locally, all counters were on the green except for mining/oil which declined 0.72 percent or 125.39 points. Holding firms led the green counters after advancing 0.99 percent or 61.56 points.

Advancers edged out decliners for the third consecutive day, 83 to 79, while 66 issues did not change. Turnover value grew to P10.86 billion from Thursday’s P10.81 billion.