Positive sentiment lifts PHL stocks above 6,300

MANILA, Feb. 26 (PNA) –- Local share prices snapped a three-day slump and bucked a regional downtrend, bolstered by positive sentiment.

The benchmark Philippine stock exchange index (PSEi) advanced 27.05 points to 6,322.60 from previous day’s 6,295.55 close.

This is PSEi’s second highest finish this year after the index hit 6,352.76 in Feb. 20.

Jun Calaycay, an analyst at Accord Capital Equities Corp., said the local equity market rallied amid a swath of bad news from the United States and Asia.

The Chinese yuan fell, dragged by a weakness in the Aussie dollar. US consumer confidence retreated while home prices advanced at a slower pace. European shares slipped.

”Local investors however managed to shrug off the negative vibes that visited neighboring bourses,” he said.

Share prices were mixed, with industrial, holding firms and financials sectors increasing 0.22 percent to 1.06 percent.

The sub-indices of other counters fell moderately.

Volume of transactions reached 2.92 billion shares valued at P8.07 billion.

Market breadth was negative with decliners dominating advancers, 82 to 80, while 43 issues were unchanged. (PNA)