MANILA, Jan. 9 (PNA) –- The local stock market surged to its 20-month high above 7,400-mark on Friday, tracking robust Wall Street sentiment and regional uptrend.
The benchmark Philippine Stock Exchange index (PSEi) increased 35.09 points or 0.48 percent to 7,402.72 from previous day’s 7,367.63 close.
The index Friday’s close, its 10th straight positive day, erased the previous record of 7,392.20 last May 15, 2013.
BDO Unibank chief market strategist Jonathan Ravelas said the local bourse continued to rally on low inflation expectations and sentiment from Wall Street.
United States stocks surged 323.35 points, while the S&P500 added 36.24 points.
Regional peers are tracing a parallel path, except for the Nikkei 225 which is currently 23 points lower.
Jun Calaycay, analyst of Accord Capital Equities Corp., welcomed the market rally, as he called for caution given the developing long-term picture.
”Investors are well advised to take advantage of the present positive volatility, if and when it extends to next week. But the call to never compromise risk-management is equally important,” he said.
Counters were mixed, with services, holding firms and financials in positive territory.
The sub-indices of other sectors declined slightly.
Trading volume reached 2.94 billion shares valued at Php11.20 billion.
Advancers outpaced decliners, 99 to 91, while 42 issues unchanged. (PNA)