Philippine stocks hit new record high

MANILA, Philippines - The Philippine benchmark index soared anew yesterday, inching itself closer to the 7,600 territory as anticipation of a faster fourth quarter economic growth shielded the market from foreign concerns.

The Philippine Stock Exchange index (PSEi) climbed 0.50 percent or 37.74 points to once again set a new record high at 7,586.67, eclipsing a previous high of 7,548.93 made only last Friday.

It was the PSEi’s fourth record-setting performance this month.

The all shares index likewise jumped 0.42 percent or 18.49 points to close at 4,421.91.

Analyst said external factors proved no match for the country’s positive mood yesterday heading into this Thursday’s fourth quarter gross domestic product (GDP) growth announcement.

In Asia, Japan’s Nikkei declined 0.6 percent behind concerns on the outcome of the snap elections in Greece.

“Having pierced 7,500 on positive momentum, the market continued to trend higher to test 7,600,” said Jason T. Escartin, investment analyst at F. Yap Securities.

“The euphoria over European Central Bank’s stimulus plan was balanced with results from Greece’s snap elections, and whether or not the latter would opt to stay in the euro zone,” Escartin added.

Locally, counters were mixed with four of six counters finishing in the positive territory.

Financial firms led the gainers, picking up 1.15 percent followed by services firms which gained 0.83 percent.