MANILA - Philippine share prices rebounded on Friday, closing at a new record above 7,700.
At the Philippine Stock Exchange (PSE), the benchmark index climbed by 53.94 points or 0.7 percent to 7,728.18 from yesterday's close of 7,674.24.
Today marked the ninth record close for the main gauge since the start of the year, surpassing the previous high of 7,716.06 registered last February 4. The PSEi has gained 6.9 percent so far this year.
“We are pleased with the market’s movement in the last five weeks. The record numbers registered by the index highlights the level of investor confidence in our market,” PSE president Hans B. Sicat said.
"We hope that our initiatives to raise awareness about investing at the PSE to fund managers here and abroad will see more investment inflows into our market," he added.
All counters were in the green, led by industrial sub-sector, which gained 1.61 percent, followed by mining and oil, 1.09 percent; and property, 1.07 percent. The financials counter however fell by 0.26 percent.
Advancers beat decliners, 105 to 72, while 43 issues were unchanged. Value turnover reached P10.42 billion, as 1.91 billion shares changed hands.
Universal Robina was the most actively trade stock after the Gokongwei-owned food manufacturer reported double-digit profit growth in the first quarter of its 2015 fiscal year. Other actively traded issues were SM, PLDT, DMCI and Semirara.
The top gainers were Federal Resources, Asia Amalgamated, Oriental Petroleum and IP-EGame. Among the biggest losers was Island Information, which today announced that its merger deal with a non-listed mining firm was in limbo. Other big losers were Imperial Resources, Philippine H2O and Arthaland.
Jun Calaycay of Accord Capital Equities said the local market was lifted by positive news.
"The PSEi made its fifth break of the 7,700-line, rising from the get-go as investors digested a positive inflation report that came out yesterday," he said.
The government yesterday reported that inflation at the start of this year settled near one-and-a-half year lows after prices of fuel, utilities and transport contracted.
Besides benign inflation, a mining bill filed in Congress and Wall Street's surge overnight also gave a boost to the local market, Calaycay said.
"The PSEi lost ground this week to Thursday and today’s closing trades enabled it to keep above water amid a challenging external environment that has unfolded in the last couple of weeks — mixed with some positives, nonetheless," he said.
Financial markets this week were battered by the victory in Greece of a political party opposed to fiscal discipline, as the European country struggled with debt.
The Dow Jones industrial average last night rose 211.86 points, or 1.2 percent, to 17,884.88, the S&P 500 gained 21.01 points, or 1.03 percent, to 2,062.52 and the Nasdaq Composite added 48.39 points, or 1.03 percent, to 4,765.10.
source: interaksyon
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