Index begins Q2 at new record high

MANILA, Philippines - Share prices continued to firm up yesterday despite the downtrend in markets abroad as the benchmark index zoomed to its 24th record close of the year yesterday.

“Our stock market managed to close higher despite the decline in major Asian indices. This resilience has been evident as local economic and corporate developments continue to positively influence investor sentiment,” PSE president and CEO Hans B. Sicat said.

The Philippine Stock Exchange index (PSEi) moved even closer to finishing at the 8,000 level after it climbed 0.66 percent or 52.60 points at 7,993.09.

The PSEi has now extended its winning streak to six consecutive sessions, the last five of which have been at record levels.

“Despite the pending long holiday break, investors continued to come back to the market,” said Astro del Castillo, managing director of First Grade Finance Inc.

Trading at the PSE is suspended today and tomorrow and will resume on Monday.

“There was really not that much to inspire the market except for the positive outlook for the country’s economy and corporate earnings,” Del Castillo said

Abroad, Wall Street declined overnight as crude oil prices continued to plummet.

Asian stocks were also generally lower following leads from US stocks.

The decline in oil prices, however, moved local share prices in the other direction.

“Gauges touched higher territory with catalysts coming from the continued slide in world crude prices,” said Grace Cerdenia, research head at F Yap Securities.