Phl stocks hit new record high

MANILA, Philippines - The Philippine stock market continued its bull run yesterday, marking its tenth straight winning streak with an all new record high.

The Philippine Stock Exchange index (PSEi) gained 0.48 percent or 35.09 points, zooming to a fresh record close of 7,402.72. Friday’s finish shattered the previous all-time high closing level of 7,392.20 posted on May 15, 2013.

Aside from the record close feat, the local benchmark index also trampled the previous all-time intraday high at 7,413.62 on Sept. 25, 2014 with yesterday’s 7,446.66.

The all shares index also joined the climb, picking up 0.35 percent or 15.01 points at 4,336.90.

Analysts said upbeat moods abroad helped propel local investors’ hopes, pushing the PSEi to a whole new level only a few days into 2015.

“The PSEi rewrote history right on the first week of trades en route to its 10th straight positive day,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr. said.

US stocks followed up its recovery the previous day with another positive performance, led by the Dow and the Nasdaq which increased 1.84 percent, respectively.

Locally, three counters still ended in the red despite the market’s stellar trading day with the mining and oil firms suffering the biggest drop of 0.77 percent or 125.70 points.

Services firms, meanwhile, enjoyed the largest growth of 1.10 percent or 23.28 points.

Market breadth was positive as advancers dominated decliners, 99 to 91, while 42 stocks did not change hands.