Index continues to climb on buying momentum
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) rose to a fresh 14-month high yesterday, riding on the momentum of Tuesday’s string of good news.
The main composite index broke through the 7,100-mark and was able to settle at 7,116.49 at noon break.
The benchmark index, however, eased slightly and closed at 7,096.49, still 0.19 percent or 13.74 points higher than Tuesday’s 7,082.75. The broader all shares index also inched up 0.07 percent or 2.86 points to 4,200.49.
“It was a continuation of yesterday’s (Tuesday) momentum, boosted by the Dow Jones rally last night,” said Papa Securities Inc. analyst Freya Natividad.
Despite piercing through the 7,100-mark on certain periods of the day, Natividad said profit-taking pulled down the bellwether index to slightly below the 7,100-mark at its close.
Abroad, Asian stocks remained stable yesterday after the upbeat US housing data lifted Wall Street shares.
Wall Street reportedly drew support from strong housing data on Tuesday, lifting Treasury yields and drove the dollar to a nine-month high against the euro.
Mining and Oil firms took the deepest plunge at 0.64 percent or 111.48 points while services firms performed the highest leap at 1.06 percent or 23.10 points.
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