MANILA, April 7 (PNA) –- Philippine stocks closed a new record high for seven trading days in a row this year, driven by positive sentiment over corporate earnings and upbeat United States market.
The barometer Philippine Stock Exchange index (PSEi) posted its 26th record close, advancing 44.94 points to 8,098.68 on Tuesday from previous day’s 8,053.74.
”The combined impact of corporate earnings and a nearly identical 0.66-percent rise in U.S. stocks, DJIA (Dow Jones Industrial Average) and S&P500, gave local investors an extended breathing space to beef up their equity portfolio even as analysts have begun to raise the scepter of valuations,” said Jun Calaycay, analyst at Accord Capital Equities Corp.
The government on Tuesday also reported that the country’s inflation rate declined slightly to 2.4 percent in March from 2.5 percent in the previous month due to lower food prices.
The market’s gain was mainly led by property sector that surged by 1.27 percent.
The sub-indices of financials and mining and oil sectors lost slightly.
Total volume of transactions reached 2.58 billion shares valued at PHP8.36 billion.
Market breadth was negative with decliners outpacing advancers, 96 to 83, while 52 issues were unchanged.
The day’s top active stocks were led by Ayala Land Inc., SM Investments Corp., SM Prime Holdings Inc., Alliance Global Group Inc. and Metropolitan Bank & Trust Company. (PNA)