PHL stocks index hits highest close this year

MANILA, Feb. 27 (PNA) –- Share prices surged to its best level this year on Thursday, as investors remained bullish on the local equity market.

The bellwether Philippine stock exchange index (PSEi) rose to a second day by 32.19 points to 6,354.79 from previous day’s 6,322.60 finish.

Thursday’s close was the highest level this year after the index hit 6,352.76 in Feb. 20.

”Investors at the local market maintained their bullish stance, pushing the index to a second straight session of gains even as the momentum of the advance appears to have slackened just a bit,” said brokerage firm Accord Capital Equities Corp. in a report.

2tradeasia.com said fund managers’ “buy-on-dips” mentality helped keep the PSEi above the 6,300-mark especially as the system remains awash with investible funds.

This is partly driven by improved domestic liquidity following restrictions on special deposit accounts (SDAs) as well as capital-raising exercises being undertaken by select listed firms as a result of low borrowing costs, it said.

Share prices were still mixed, with the property sector leading the rally rising 2.55 percent.

The sub-indices of financials, services and mining and oil were in the negative territory.

Volume of transactions reached 3.42 billion shares valued at P7.76 billion.

Advancers edged decliners, 90 to 68, while 44 issues were unchanged. (PNA)