Stocks leap past 7,500-point barrier

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LOCAL equities were cheered by the Pope’s visit and positive assessments of the Philippine economy as the benchmark stock index went past 7,500 points in morning trade.

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At noon break, the PSEi stood at 7,528.49, up 129.49 points or 1.75 percent. The marktet closed Tuesday at 7,358.53.

Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview that the market is soaring due to favorable effects of dropping oil prices to the country, as well as the continued optimism in the Philippines’ economic growth story.

“We are really blessed with the Pope’s visit as oil prices continue to fall that is beneficial to our economy, and a lot of good economic growth stories in the past few days,” del Castillo said.

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