PHL stocks regain 7,500
By Leslie D. Venzon
MANILA, June 1 (PNA) -- Local share prices welcomed the first trading day of the month regaining the 7,500-level, bucking the downturn in the United States and European equities overnight.
The benchmark Philippine Stock Exchange index (PSEi) advanced 99.19 points to 7,500.79 on Wednesday from previous day’s 7,401.60 finish. The index last hit above 7,500-mark two weeks ago.
”Driven by the prevailing sentiment, and with investors shifting attention more away from political risks, this momentum posits an increasing probability of hitting the target, or even surpassing it,” said Justino Calaycay Jr., head of marketing and research at A&A Securities Inc.
Calaycay said Wednesday’s close placed the measure squarely on track to hitting the Presidential year, six-month average rise of 10 percent.
With still a month’s worth of trades in the balance, the year-to-date gain stands at 7.8 percent. The 10-percent line is drawn at the 7,650-mark.
All counters closed in the positive territory, except mining and oil that declined slightly, weighed down by losses from Semirara Mining and Lepanto Consolidated Mining.
Volume of transactions reached over 2 billion shares valued at Php8.17 billion.
Foreigners continued to be overweight on the market with net buying amounting to Php468 million.
Advancers outpaced decliners, 104 to 73, while 56 issues unchanged. (PNA)