Stocks resume rally; PSEi at 7,689.91 pts


The Philippine Stock Exchange index ended the week with an record close of 7,689.91, up 72.61 points or 0.95 percent from last Thursday. It clawed back losses from profit taking last Thursday.

The All Shares index also increased by 0.86 percent or 38.12 points to 4,465.28.

Joyce Anne Ramos, analyst at AB Capital Securities Inc., said in a text message that the combined optimism from the 6.1-percent full year 2014 gross domestic product (GDP) growth, drop in oil prices, corporate month-end window dressing, and positive Wall Street overnight pushed the rally.

On Thursday evening, the Dow Jones advanced 225.48 points, S&P 500 gained 19.09 points, and Nasdaq inched up 45.41 points.

“Next week, we remain bullish although the rally may slow down as we approach the psychological resistance at 7,700 points. Investors might also become more cautious as the full year corporate earnings are set to be released on February to March,” she added.

Only mining and oil index declined by 0.93 percent, while the other sub-indices gained which was led by holding firms that went up by 1.46 percent.

A notable active gainer, 8990 Holdings Inc. surged by 10.86 percent among the other top advancers which included Global Ferronickel Holdings Inc., Ayala Land Inc., JG Summit Holdings Inc., SM Investments Corp., and Jollibee Foods Corp.

Top losers were Philippine Long Distance Telephone Company, SM Prime Holdings Inc., Metropolitan Bank and Trust Company, among others.

Advancers were more than declines, 95 to 89, while 48 issues were unchanged. Total volume was at 2.18 billion shares, valued at P9.25 billion.


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