Buying momentum continues to propel index

MANILA, Philippines - The local benchmark index advanced yesterday for the ninth session in a row as US stocks finally recovered from a five-day slump.

The Philippine Stock Exchange index (PSEi) climbed 0.79 percent or 57.93 points to remain unbeaten for the year, closing at 7,367.63.

The All Shares index likewise improved 0.45 percent or 19.27 points at 4,321.89.

“Buying momentum continued, especially after the Fed minutes underscored expectations benchmark interest rates will stay unchanged at least prior to April 2015’s FOMC (Federal Open Market Committee)  meeting,” said Jason T. Escartin, investment analyst at F. Yap Securities.

Minutes from the Federal Reserve’s meeting have indicated that will unlikely raise rates until April.

As a result, all major indexes in Wall Street rejoiced, led by the Nasdaq which grew 1.26 percent. Asian stocks were also higher.

Locally, only two counters ended in the red. Financial firms suffered a 0.12 percent decline while industrial firms lost 0.03 percent.

Meanwhile, property companies enjoyed a 2.94 percent or 82.76-point rise.

Advancers crushed decliners, 103 to 69, while 49 stocks did not change hands.

Value turnover declined to P11.14 billion from P11.36 billion the previous day.