By Leslie D. Venzon
MANILA, Jan. 7 (PNA) –- The local stock market surged to a one-month high above 7,300 points on Wednesday, bolstered by rosier outlook for the Philippine economy.
The benchmark Philippine Stock Exchange index (PSEi) advanced for an eighth day by 31.96 points to 7,309.70 from previous day’s 7,277.74 close.
The PSEi last hit the 7,300-level on Dec. 3 when it closed at 7,360.75.
Jun Calaycay, analyst of Accord Capital Equities Corp., said the Bangko Sentral ng Pilipinas (BSP) was confident that the economy would remain in firm footing in 2015.
The Philippine growth slowed last year to 5.8 percent in January to September period and is unlikely to exceed six percent for the full year.
”The market has so far given investors something to cheer about and be hopeful for… Investors are keeping a positive attitude in the absence of any “proof” that the global economic picture is still weak — or has further weakened — and its possible impact on the domestic scene,” he said.
All counters were in positive territory, except financials that declined slightly.
Trading volume reached 4.85 billion shares valued at Php 11.36 billion.
Advancers led decliners, 96 to 83, while 38 issues unchanged. (PNA)