MikeLigalig.com

The local stocks recovered Tuesday and posted another record-high while the peso moved sideways against the dollar as investors remain hopeful for another stimulus program from the Federal Reserve after its two-day meeting ending Wednesday (US time).

The composite index soared by 1.29 percent, or 73.96 points from 5,757.54 points Monday. The new record surpassed the 5,794.20 points, which the main index hit on Dec. 7, 2012.

The broader all shares index also rose by 0.87 percent, or 32.31 points, to 3,728.70 points from day-ago’s 3,696.39 points.

Most of the sectoral indices went up, led by the holding firms with over two percent gain at 5,135 points , up 2.33 percent or 116.71 points from day-ago’s 5,019.03 points.

Only the industrial index contracted after it lost 0.11 percent, or 9.58 points, to 8,872.66 points from day-ago’s 8,863.08 points.

Value turnover reached P7.08 billion after 5.84 billion shares changed hands.

Gainers led losers at 87 to 83 while 47 stocks remained unchanged.

Accord Capital analyst Jun Calaycay said the drop in the main index’s performance Monday was long-awaited breather from the local bourse’s bull run.

He, however, said that the domestic economy’s fundamentals remained and served as a strong boost to market’s perception on the local stocks market.

He cited that the second week of December was the “weakest” in the last three to five years but stressed that fundamentals remained “unchanged at positive.”

“At this point trades may begin to look beyond the year-end and into 2013,” he said.

On the other hand, the peso registered an almost unchanged, closing to a dollar at 40.95 from Monday’s 40.94 finish.

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