PSEi hits 4-month high above 6,500 on easing of Ukraine tensions

By Leslie D. Venzon

MANILA, March 6 (PNA) — Philippine equities benchmark index breached the 6,500-level for the first time this year, surging to its four-month high, bolstered by the easing of Ukraine tensions and robust local corporate earnings.

The barometer index soared 60.68 points to 6,516.82 on Thursday from previous day’s 6,456.14 finish.

Harry Liu, president of Summit Securities Inc., said the local market is technically driven by the improving Ukraine situation.

Russian and German leaders are exploring possible cooperation to end the Ukraine crisis.

At home, Liu said good corporate earnings for 2013 also boosted the market.

”This is now the highest close for the index since November 4 (6,543.39 points) and looks poised to rise past the last major peak at 6,635.11 of October 23, 2013. The year-to-date return steps onto double-digits for the first time this year,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.

Almost all counters were in the positive territory, advancing 0.95 percent to 1.24 percent.

The property and mining and oil sectors rose moderately.

Volume of transactions reached 5.05 billion shares valued at P12.75 billion.

Advancers led decliners, 86 to 82, while 38 issues were unchanged.

The day’s top most actively traded stocks were led by D&L Industries Inc., SM Investments Corp., Philippine Long Distance Telephone Company, Emperador Inc. and Universal Robina Corp. (PNA)