Bourse closes higher with drop in crude prices

MANILA, Philippines (Xinhua) - The stock market touched the 8,000 level for the first time today as investors cheered the drop in crude prices.

The bellwether Philippine Stock Exchange index skyrocketed to as high as 8,007.98 before profit takers started trimming down the gains. By the final bell, the local barometer was up by 0.27 percent or 21.45 points to 7,899.41.

On the other hand, the broader all-share index gained 0.08 percent or 3.81 points to 4,550.21.

Trading volume reached 1.05 billion shares worth P9.51 billion ($212.29 million) with 106 stocks declining, 74 advancing, and 47 unchanged.

Of the six counters, only the mining and oil and the property sector bucked the trend.

Online brokerage 2TradeAsia.com said participants cheered the latest overnight drop in crude prices.

Brent crude oil was down 47 cents to 55.94 US dollars a barrel as Iran and world powers discuss a deal over Tehran's nuclear program that could result in increase in Iranian oil.

"This marks the 23rd all-time record this year out of 58 sessions so far. Thus the PSEi laid to rest all doubts on whether it could hit 8,000 this year but does raise the question of whether it can be sustained,"  analyst Justino Calaycay of Accord Capital Equities Corp. said.

Stocks in the 30-company index closed mixed. Investors picked up shares of Ayala Corp., SM Investments, Corp., and Globe Telecom, Inc. but sold down Megaworld Corp. and Alliance Global Group, Inc.