UPDATE : Stocks shoot up 7,500 points

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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 market 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.

“Usually in a long weekend, profit taking is evident. But now, it’s not because fund managers are positioning given the bullishness in the market, and the positive view in the economy for the rest of the year,” del Castillo said.

Harry Liu, president of Summit Securities Inc., agreed with del Castillo, saying that the market is poised to go higher up to 7,700 points given that the 7,460-point resistance was breached.

“The market will continue to increase on the Pope’s visit, falling oil prices as it is more advantageous to our economy, as well as the positive domestic news in the past few days. It just signals the strong Philippine economy despite decline in US markets,” Liu said.

This is the newest all time intraday high record so far from the previous 7,446.66 intraday record last January 9, Friday.

On Tuesday, the bellwether PSEi was up 0.55 percent or 40.64 points to 7,399, while the wider All Shares index increased by 0.42 percent or 18.03 points to 4,338.70.

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