Index treks back to 7,000-point level

MANILA, Philippines - The Philippine Stock Exchange index PSEi continued to recover  yesterday as investors took their cue from a Wall St. rally and cheered the latest economic growth figures.

“The rebound of the market is a welcome relief amidst the uncertainties in the global markets.  The second quarter growth numbers highlight the resilience of the economy despite challenges abroad and we hope that investors continue to look at the Philippines as a viable investment,” PSE chairman Jose T. Pardo said.  

The main composite index surged 154.17 points to close at 7,022.09, while the broader All Shares index gained 74.93 points to finish at 4,006.37.

Joseph Roxas, president of Eagle Equities said the rally in Wall St. was a bigger factor that pushed share prices up than the latest economic growth figures.

“That (GDP) takes a backseat to wild gyrations in international markets,” Roxas said.

The Dow Jones Industrial Average surged 619.07 points to settle at16,285.51, while the Shanghai Composite index was up 5.34 percent to 3,083.591.

Meanwhile, the PSE said there were no issues encountered yesterday in the trading terminals.  The PSE halted trading on Monday and Tuesday as it observed data transmission issues in the front end terminals used by the brokers.

“The PSE has put in place fixes to the technical issues it encountered and we have seen trading operating normally. Rest assured, the Exchange continues to monitor the situation,” PSE chief operating officer Roel A. Refran said.

Value turnover rose to P14.586 billion. Advancers beat decliners, 139 against 45, while 34 stocks were left unchanged.