Phl stocks continue winning streak

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) continued to climb for fourth straight session yesterday, this time hitting a new high for the year buoyed mostly by investors’ buying moods for the Christmas season.

The PSEi improved 0.22 percent or 16.52 points to end at a new record for 2014 at 7,360.75. The broader all shares index, however, dipped 0.04 percent or 1.72 points to 4,314.87.

“Bets on a Santa-driven rally to close out the year continues to pour in, albeit not as aggressively, but enough to keep the measure in positive territory for a third straight day,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

“Positive spirit permeated, given legislative considerations to reduce personal and corporate income taxes to boost net income,” added F. Yap Securities investment analyst Jason T. Escartin.

Wednesday’s outcome eclipsed the previous PSEi record high for the year at 7,356.59 posted just a week ago.

Calaycay said the local benchmark index’ climb was also partly influenced by generally higher Asian markets and US stocks.

All three indexes in Wall Street finished in the green led by S&P 500 which picked up 0.64 percent.

Decliners continued to dominate advancers, 105 to 68, while 63 stocks were unmoved. Value turnover fell slightly to P8.50 billion from the previous day’s P8.91 billion.