Index closes at new record high

MANILA, Philippines - The local benchmark index soared anew yesterday, finishing at new record high in just two weeks of the new year.

The Philippine Stock Exchange index (PSEi) soared 1.24 percent, or 91.88 points, to finish at 7,490.88, eclipsing a previous record high of 7,402.72 it posted just last Friday.

“Surprisingly, the market went up and even closed at a record level. Normally, the market falls going into a long weekend but the market was able to sustain its momentum from recent weeks this time,” said Alexander Tiu, analyst at AB Capital Securities Inc.

Aside from its new feat, the PSEi also shattered last week’s all-time intraday high of 7,446.66 with yesterday’s 7,530.41.

The all shares index likewise ended positively, inching up 0.87 percent or 37.55 points at 4,376.25.

Amid the downtrend in Wall Street, local stocks were able to hold its ground as it was able to breach the 7,500 mark throughout the day but just finished short upon closing.

“The market this time convincingly broke out from the 7,400 resistance, unlike last Friday when it had its previous record close,” Tiu said.

Major indexes in Wall Street continued to be affected by sliding crude oil prices which reportedly fell to $45 a barrel yesterday.

“Again, this (falling crude prices) translates to gains in our economy, especially to the common Filipinos,” Tiu said.

Most local counters were healthy except for mining and oil firms which lost 0.48 percent or 81.19 points.