Market posts another record performance

MANILA, Philippines - The local benchmark index continued its bull run toward uncharted territories yesterday as it put on another record-setting performance behind upbeat markets abroad.

The Philippine Stock Exchange index (PSEi) broke past the 7,600 mark for the first time on Tuesday, posting a new record close and a fresh all-time intraday high.

The PSEi gained 0.58 percent or 43.90 points to finish at 7,630.57 while the All Shares index climbed 0.42 percent or 18.75 points to close at 4,440.66.

An all new intraday high was also recorded yesterday at 7,631.85

“The local market rose to a new record, it’s fifth in the first 15 trading sessions of the year. US and European markets edged higher overnight, practically shrugging off the antiausterity party’s victory in Greek polls Sunday,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

Calaycay said markets in the region were racing to two-month highs even as everyone waits for the direction the new government of Greece would take in addressing the pressing fiscal situation of the country.

Asian stocks were generally higher with Japan’s Nikkei improving 1.4 percent.

All three major indexes in Wall Street likewise closed out in the positive zone with the Nasdaq picking up 0.29 percent and the S&P 500 adding 0.26 percent.

Locally, counters ended in the green except for the mining and oil firms and the services firms which slipped 1.56 percent and 0.44 percent, respectively.

Financial firms and industrial firms led yesterday’s charge, improving 1.62 percent and 1.29 percent, respectively.

Market breadth stayed positive despite a close fight as advancers beat decliners, 96 to 93, while 39 stocks did not change.

Value turnover settled at P8.63 billion, lower than Monday’s P10.24 billion.

“Investor interest continues to be fuelled by expectations of good 2014 economic data and revenue growth. We are also pleased to note that fund managers remain upbeat about the market’s prospects,” PSE president and chief executive officer Hans B. Sicat said.