PHL Stocks Hit New High for 2014 on Wall Street Gains

Manila– Local share prices advanced to new high for this year, taking cue from an extended rally overnight of the United States equities on Wall Street and robust corporate earnings.

The Philippine stock exchange index surged 49.52 points to 6,671.18 on Wednesday from previous day’s 6,621.66 close.

The benchmark index beat the previous high level of 6,638 achieved on April 10.

”Optimism flooded practically the entire Asia-Pacific region…Investors took their cue from an extended rally in US stocks to push the local measure to a second day of advance, closing out the three-session week with gains of 0.4 percent,” said Jun Calaycay, an analyst at Accord Capital Equities Corp.

Philippine businesses are shut on Maundy Thursday and Good Friday in observance of Lent.

Calaycay said the country’s economic conditions also bode well for corporate earnings.

”It has been our contention that the strength of the domestic macro-economy should ‘trump’ the negative influence sentiments borrowed from abroad – not the other way around as a good number seemingly subscribe to,” he said.

All counters were in the positive territory, led by the 1.43-percent surge in share prices of property companies.

Volume of transactions reached 2.65 billion shares valued at P8.39 billion.

Advancers dominated decliners, 119 to 63, while 40 issues were unchanged.

The day’s most actively traded stocks were led by SM Prime Holdings Inc., SM Investments Corp., Philippine Long Distance Telephone Company, Metropolitan Bank & Trust Company and Ayala Land Inc. By Leslie D. Venzon (PNA) SCS/LDV/SGP

Image Credit: www.philstar.com