PSEi closes above 7,700 for 1st time

Index reaches new all-time high  

MANILA, Philippines - The local benchmark index snapped a two-day skid yesterday, closing above the 7,700 level for the first time behind positive leads from Wall Street.

Following its first back-to-back loss in two weeks, the Philippine Stock Exchange index (PSEi) soared 1.35 percent or 102.91 points to hit a new all-time high of 7,716.06.

Wednesday’s numbers eclipsed the PSEi’s previous record close of 7,689.91 set last Friday. It was now the PSEi’s eighth all-time high recorded this year.

The index also climbed to a new all-time intraday high at 7,738.12, shattering the previous intraday high of 7,736.97 recorded last Jan. 29.

Analysts said the local stock market followed upbeat sentiments provided by Wall Street, which in turn also catapulted Asian shares in general.

“Despite oil prices breaching $50 per barrel, several seasoned players seized buying opportunities in select stocks with good earnings story to unfold this year,” said Jason Escartin, investment analysts at 2tradeasia.com.

All indexes in Wall Street finished strong overnight, with each posting gains of above one percent.

“While the PSEi trekked higher mostly in-step with Wall Street and other Asian markets, the Philippine story remains attractive to investors. The positive expectations continue to support the market’s uptrend,” said PSE president and CEO Hans B. Sicat.

Locally, all counters were in the green led by the services and mining and oil firms which picked up 1.97 percent and 1.66 percent, respectively.

With the positivity surrounding the market, advancers took advantage and put an end on its successive slump as it crushed decliners, 109 to 63, while 48 stocks were unchanged.

Tunover value, however, was trimmed to P7.19 billion from P18 billion the previous day.

Among the biggest gainers were Liberty Flours Inc., LT Group Inc., Oriental Petroleum and Minerals Corp., Pepsi Cola Philippines and IP-Egame Ventures Inc.

Top losers during the session, meanwhile, were Asia Amalgamated Holdings, Solid Group Inc. and Lafarge Republic.

Most analysts are expecting the market to breach the 8,000 mark this year and some believe it can be attained in no time given the market’s recent bull run to uncharted territories.

First Metro Investment Corp., the investment banking arm of the Metrobank Group, sees the market reaching 8,500 by yearend, while leading online stockbroker COL Financial Group Inc. expects it to end at 8,300.