Positive outlook lifts PHL stock index above 6,000

MANILA, Jan. 17 (PNA) — Share prices on the Philippine Stock Exchange (PSE) breached the 6,000 mark for the first time this year, bolstered by the positive outlook on equities this year.

The barometer stock exchange index increased moderately 18.51 points to 6,005.60 on Monday from Friday’s 5,987.09 close.

”The lack of catalysts beyond what investors expect and which the markets have discounted keeps trades confined to a narrow band, leaving little room for short-term, quick turn-a-round opportunities. Nevertheless, the positive outlook has kept interest in equities on the decision-making table,” said analyst Jun Calaycay of Accord Capital Equities Corp.

Calaycay said the confidence that the Philippine economy will remain on a bullish footing provides good prospects for listed firms’ earnings and share values.

”Nothing on the local fundamental has any negative direction,” noted Harry Liu, president of Summit Securities Inc.

Liu expects the PSEi will likely to trade next at new range at 6,000 to 6,300.

All sectors ended the day in the green, led by a 2.25-percent surge in the mining and oil index.

Breadth was positive as advancers led decliners, 90 to 70, while 40 stocks stayed on level.

Value of transactions reached P4.32 billion on 1.27 billion shares changed hands.

The day’s top gainers were led by Nextstage Inc., Filipino Fund Inc., Seafront Resources Corp., Manila Mining Corp. and Panasonic Manufacturing Philippines Corp. (PNA)