Index continues winning streak

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) continued yesterday its winning streak, buoyed by strong US financial markets.

The local stock barometer gained 0.20 percent or 14.11 points to 7,160.46, a fresh 14-month high on top of a six-day climb. The broader all shares index likewise expanded 0.25 percent or 10.38 points points to 4,231.80.

Papa Securities Inc. analyst Freya Natividad said the local bourse was buoyed primarily by the positive reaction of investors to the upbeat US market.

US stocks continued to advance on Tuesday as the S&P 500 ended above the 2,000 mark for the first time.

Natividad said positive support on the MSCI rebalancing along with anticipation for today’s gross domestic product (GDP) output help pave the way for yesterday’s positive market close.

All counters closed in positive territory, with industrial firms leading the way after posting a 0.39 percent growth or 42.42 points.

Advancers regained control yesterday after being edged out by decliners on Tuesday. There were 90 advancers during yesterday’s trading versus 79 decliners while 48  issues were unchanged.

First Gen Corp., Emperador Inc., Megaworld Corp, and Energy Development Corp. were the leading companies that did the heavy lifting of yesterday’s stocks.