Index continues to rally, hits new high

MANILA, Philippines - The Philippine Stock Exchange index broke records once more yesterday, stretching its rally to nine consecutive sessions behind a string of positive developments here and abroad.

The PSEi soared to its 17th all-time high for the year after climbing 0.12 percent or 9.20 points to finish at 7,844.06.

The benchmark index also topped its all-time intraday high of 7,854.80 with yesterday’s peak of 7,862.91. It was the market’s 14th record intraday high for the year so far.

The broader all shares index, however, failed to grasp on the momentum as it slid 0.03 percent or 1.23 points to close almost flat at 4,546.02.

“Sentiment glided with Yellen’s statement that the US central bank would be more patient in raising interest rates.  Part of the boost stemmed from BSP’s optimism on the local economy, despite volatility in global markets,” said Jason Escartin, investment analyst at F. Yap Securities Inc.

US stocks also took its cue from Federal Reserve chairman Janet Yellen statement that the Fed would not hurry in raising interest rates, pushing all indexes in Wall Street in the positive zone.

Asian shares were mostly higher given the news even despite Japan’s Nikkei stumbling by 0.1 percent.

Locally, the market was propelled by the property counter which picked up 1.13 percent or 34.81 points. Industrial firms, however, tempered the rise with a 0.50 percent or 63.97 point-drop.

Value turnover ballooned to P17.23 billion from the previous day’s P9.64 billion with 3.8 billion shares changing hands yesterday.