Phl stocks extend winning streak

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) extended yesterday its winning streak, closing above the 7,100-mark for the second time this year.

Despite fluctuating throughout the day, the PSEi managed to gain 0.19 percent or 13.26 points to close at a fresh 14-month high of 7,146.35. The broader all shares index also inched up 0.09 percent or 3.87 points to 4,221.42.

“Philippine share prices fluctuated throughout eventually closing almost flat as regional pressures pulled on sentiments,” Accord Capital Equities Corp. analyst Justino Calaycay Jr. said.

Calaycay said the PSEi’s ability to hold over 7,100 augurs well for sentiments moving forward.

In the United States, stocks advanced Monday night with the S&P 500 briefly breaching the 2,000 line, posting fresh all-time closing and intra-day record highs.

Asian shares, meanwhile, remain firm as market investors reacted warmly to the record breaking performance of US stocks.

Locally, Calaycay said attention of domestic investors were mainly focused on the first hearing of the House Justice Committee on the impeachment cases filed against President Aquino and on the Lower House hearings on the controversial “overpriced” Makati Parking Building.

“The tepidity in today’s trading showed up, but was less felt in the afternoon as value turnover picked up to reach over P9 billion, above the 20-day, but more than the 5-day moving averages,” Calaycay said.

Counters were divided equally on the green and on the red. Services counter took the highest increase for the day at 1.13 percent or 25.09 points while financial sector took the deepest plunge at 0.36 percent or 5.89 points followed by industrials not too far behind with a 0.35 decline.

Decliners outplayed advancers yesterday, 93 to76, while 49 issues were unchanged. Turnover value dropped to P10.26 billion from last Friday’s P10.86 billion.