Stocks climb higher on Japan stimulus

MANILA, Philippines – The local stock market returned to the 8,100 level yesterday amid buoyant regional markets that cheered Japan’s economic stimulus package.

The Philippine Stock Exchange index (PSEi) advanced to 8,100.48, up 0.95 percent or 75.94 points.

The broader All Shares index likewise regained its healthy state and surged 0.94 percent or 44.84 points to close at 4,822.70.

Analysts said Wednesday’s strong showing of the PSEi – which got a lift from news of Japan’s fiscal boost – was key in preventing further corrective reactions.

“If breached (8,000), we are looking at potential declines to 20-day moving average (currently at 7,914),” Regina Capital Development Corp. said in its report.

Asian stocks finished generally higher with Japan’s Nikkei leading the region with a two percent gain.

Locally, all counters closed in the positive territory except for mining and oil firms which ended 0.19 percent lower.

Holding firms and industrial companies, meanwhile, took the center stage, posting gains of 1.15 percent and 1.01 percent, respectively.

Market breadth, however, stayed negative as decliners edged out advancers, 100 to 93, while 48 stocks were unchanged.

Value turnover slipped to P8.61 billion from the previous day’s P9 billion level.