Bullish investors push stocks to new record high

MANILA, Philippines - The benchmark stock index climbed yesterday to its 11th record finish so far this year as upbeat markets abroad provided optimism to local investors.

The 30-company Philippine Stock Exchange index (PSEi) gained 0.14 percent or 11.20 points to close at its new record high of 7,784.65, while the broader All Shares index improved 0.09 percent or 4.15 points to 4,510.15.

Yesterday’s finish is the PSEi’s fourth all-time high close this month and its 11th this year, surpassing  its previous record of 7,782.57 posted a week ago.

The index also managed to break through the 7,800-mark during yesterday’s session with an intraday high of 7,801.02.

“Local share prices raced higher on relatively light activity as trades for a Chinese New Year-shortened week opened. Optimism borrowed from positive closes in both US and European equities Friday, a step closer to a resolution of the crisis in Ukraine — at least a peace accord that took effect over the weekend — and Germany and Greece continuing to talk and thresh out major differences in reference to conditions of the previous bail-out and the possibility of a further injection of liquidity before the month ends,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

Japan’s Nikkei picked up 0.5 percent, reaching its highest mark in eight years.

Locally, four of the six counters finished in the green, led by financial firms which improved 0.34 percent or 6.12 points.

Services and mining and oil firms dropped 0.20 percent and 0.06 percent, respectively.