Stocks up anew on renewed optimism

MANILA, Philippines – Share prices were up anew yesterday, reflecting the renewed confidence of market investors.

The benchmark Philippine Stock Exchange index (PSEi) gained 88 points or 1.20 percent to finish at 7,364.34, while the broader All Shares index gained 50.98 points or 1.16 percent to 4,417.13.

All other sectors followed the same positive momentum with the services, property and the mining and oil sectors which rallied 2.12 percent, 1.73 percent and 1.60 percent, respectively.

Total value turnover was likewise strong, with P8.95 billion changing hands during yesterday’s session.

Advancing stocks totalled 129, leaving behind decliners, which numbered 74. Forty one stocks were left unchanged.

Lexter Azurin, head of Research of Unicapital said investors are becoming positive again.

“We’re seeing renewed confidence in the market as a result of positive developments abroad. China’s producer price index was quite encouraging and showing signs of stabilization,” Azurin said.

According to reports, Chinese producer prices surged to a five-year high in December on the back of higher industrial commodities prices.

Specifically, the producer price index for December climbed 5.5 percent on the year and 2.2 percentage points from November, according to data released Tuesday by the National Bureau of Statistics.

Paolo Hizon of Unicapital said the index has railed for nine days with some minor pullbacks and could later on face selling pressure near the 7,400 level.