PHL stocks climb to 11th record high this year

MANILA, Feb. 16 (PNA) –- The local stock market reached a new record high on Monday near 7,800, its 11th so far this year, on strong domestic growth prospects and global uptrend.

The benchmark Philippine Stock Exchange index (PSEi) advanced 11.20 points to 7,784.65 from previous day’s 7,773.45 close.

Jun Calaycay, analyst at Accord Capital Equities Corp., said foreigners are still bullish over domestic prospects.

“With the IMF (International Monetary Fund) seeing the Philippine economy growing at a 6.6 percent pace this year, the flow of investments to the country remained robust through the first month of the year,” he said.

Calaycay said the local bourse also tracked optimism from positive closes in both United States and European equities Friday, a step closer to a resolution of the crisis in Ukraine.

Brokerage firm 2TradeAsia.com said the sentiment is riding on the prospect of a new deal to refinance Greece and to keep it in the euro.

Counters were mixed, with the services and mining and oil in negative territory.

The sub-indices of other sectors rose slightly.

Volume of transactions reached 2.46 billion shares valued at Php6.30 billion.

Market breadth was negative with decliners slightly outpacing advancers, 87 to 86, while 54 issues unchanged.

The day’s top active stocks were led by Philippine Long Distance Telephone, Megaworld Corp., Universal Robina Corp., Metropolitan Bank & Trust Company and Ayala Land Inc. (PNA)