Index breaks through 8,100 barrier

MANILA, Philippines - The main composite index broke through the 8,100 barrier for the first time this year yesterday, boosted largely by growing investor confidence on the strength of the economy.

After staying in the negative territory early in the day, the Philippine Stock Exchange index (PSEi) rose 50.33 points to close at 8,102.30, its best finish in 15 months.

PSE president Hans Sicat said investors are returning to the market.

“We see local and foreign investor confidence getting a boost from expectations that the Philippine economy will continue to outperform its peers. This should hopefully reflect in corporate performance,” Sicat said.

The broader All Shares index climbed 25.49 points, or 0.53 percent, to close at 4,828.14.

Most counters ended in positive territory except for the mining and oil index which closed lower by 53.84 points or 0.48 percent.

Value turnover was heavy at P10.46 billion. Decliners edged out advancers 118 to 78 while 48 stocks were left unchanged.

Astro del Castillo, managing director at First Grade Finance Inc. said investors returned to the market after rampant profit taking earlier in the day.

“We saw pockets of profit taking in the morning but buyers still ruled the day. Interest in Cemex helped push up the market. Expect the index to still trade sideways but with an upward bias. It’s almost clear skies ahead though a correction is still inevitable,” Del Castillo said.