PSE index hits 10th record high

By Leslie D. Venzon

MANILA, Feb. 13 (PNA) –- Local share prices continued their bull run and closed to their tenth record high this year near 7,800 on Friday, as investors cheered positive economic developments locally and abroad.

The barometer Philippine Stock Exchange index (PSEi) surged 58.86 points or 0.76 percent to 7,773.45 from previous day’s 7,714.59 close.

Jun Calaycay, analyst at Accord Capital Equities Corp., said the local bourse tracked the rising tide of optimism across the Asian region.

He said positive signals from the negotiating tables in both Ukraine and Europe pushed equity indexes in the United States and Europe to multi-year record levels.

At home, Calaycay said market confidence was boosted by the BSP’s decision to lower its inflation forecast this year and next year.

”Lower prices should boost consumers’ purchasing patterns further providing businesses and manufacture sufficient motivation to keep in step with demand. This results in revving up capacities through capital and human resource — more investments + more jobs = increased economic activity,” he said in a market report.

Brokerage firm 2TradeAsia.com said local monetary board’s move to retain their status quo on interest rates, coupled with lowered inflation outlook, supported buying.

All counters were in positive territory, led by industrial sector that advanced 1.33 percent.

Volume of transactions reached 1.17 billion shares valued at Php8.89 billion.

Advancers dominated decliners, 111 to 68, while 47 issues unchanged.

The day’s top gainers were led by Philippine Realty and Holdings Corp., Citystate Savings Bank Inc., Cyber Bay Corp., Philippine H2O Ventures Corp. and Empire East Land Holdings Inc. (PNA)