Index nearly touches 6,900 level

Categories: Business Updates

Date: 27 Jun 2014

The benchmark index continued its trek toward the 6,900 territory, finishing at a fresh one-year high on the back of optimism among investors.

The Philippine Stock Exchange index (PSEi) climbed 0.84 percent or 57.50 points to finish at 6,892.18, marking its best closing since ending at 7,021.95 on May 31, 2013. The broader all shares index gained 0.73 percent or 29.86 points to 4,126.38.

“Despite relatively light leads, optimists prevailed in Thursday trades, pushing the PSEi even closer to the 6,900 level,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

Advances in overseas markets aided the local bourse yesterday. On Wednesday, the Dow Jones industrial average added 0.29 percent or 49.38 points to 16,867.51, while the broader Standard & Poor’s 500 index improved 0.49 percent or 9.55 points to 1,959.53.

Asian markets also closed higher as investors expect the continuation of low US interest rates following a weak economic reading. Japan’s Nikkei 225 rose 0.27 percent or 41.88 points to 15,308.49, while Hong Kong’s Hang Seng climbed 1.45 percent or 331.13 points to 23,197.83.

At home, all counters posted gains, led by the service sector that jumped 1.19 percent or 24.02 points to 2,038.49 while mining and oil rose 1.17 percent or 190.45 points to 16,419.83.

The value of shares that changed hands surged to P21.96 billion, including the P13.24-billion block sale of Manila Electric Co., from P9.78 billion on Wednesday. Advancers outplayed decliners, 119 to 74, while 40 stocks did not change.

  By: Neil Jerome C. Morales Source: http://digitaledition.philstar.com/newspaper/showArticle/60593/share/Index-nearly-touches-6900-level/

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