Stocks up for seventh straight day

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The local stock market stayed in positive territory on Thursday, carrying the same level of optimism that has pushed the benchmark index toward its best performance in the year so far during the mid-week.

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The Philippine Stock Exchange (PSEi) was up for the seventh straight day, rising by 0.49 percent, or 30.19 points to 6,170.05, while the wider all-shares index went up by 0.55 percent, or 20.33 points to 3,739.36.

“Having sustained the momentum of its best single day advance this year Wednesday through Thursday’s trades, the PSEi is poised to book its best weekly performance since rising 4.7 percent in the week ending September 20, 2013,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.

“Behavior is now shifting from a recognition and absorption of available information to a more specific reaction—that is buying,” he added.

Except for services, all the sub-indices maintained their positions on the green side, even though this time, they only had minor improvements.

Financials had the largest gain, rising by 1.54 percent, or 23.26 points to end at 1,536.91, followed by mining and oil, which gained 81.93 points, or up 0.59 percent to 13,957.28.

The holding firms sector was also up by 0.55 percent, or 30.48 points to 5,543.57, while industrial increased by 0.38 percent, or 34.14 points to 9,123.85. Property went up a bit with a 0.25-percent improvement, or 5.84 points to 2,322.58.

Total value turnover was a little lower at P7.2 billion. The gap between advancers and decliners also thinned to 87 to 70, while 45 issues were unchanged.

Some of the most actively traded stocks were Philippine Long Distance Telephone Co., BDO Unibank Inc., Alliance Global Group Inc., Metropolitan Bank and Trust Co., SM Investments Corp., SM Prime Holdings Inc., Metro Pacific Investments Corp., Universal Robina Corp., Ayala Land Inc. and Ayala Corp.

On Wednesday, the local stock market wasn’t only up for the sixth straight session, but it also registered its best trading day so far in 2014.

The PSEi managed to prolong Wednesday’s morning rally, soaring by 2 percent toward the end of the session, or by 120.62 points to close at 6,139.86. The broader all-shares index ended on a positive note as well with a 1.55-percent rise, or 56.67 points to 3,719.03.

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