By Leslie D. Venzon
MANILA, Jan. 14 (PNA) — The local stock market resumed its bull run Wednesday, closing at its record all-time high near 7,500 on the local economy’s positive prospects for 2015.
The barometer Philippine Stock Exchange index (PSEi) increased 91.88 points to 7,490.88 from previous day’s 7,399 close. The index reached an all-time intraday high of 7,530.41.
”We’ve done a convincing break above previous all-time high further, confirming positive prospects for 2015… A lot of optimism pervades the start of the year,” said Nisha Alicer, chief equity analyst at DA Market Securities Inc.
Alicer said the Philippine economy is expected to grow faster amid more aggressive government expenditure and election spending.
She said the country has been resilient amid recent United States market volatility.
”So the subsequent reversal in those markets could further fuel local positivity. More importantly, earnings season ahead, (these) should start in February. Investors are also anticipating company guidance,” she added.
All counters were in positive territory, except mining and oil that declined slightly.
Value turnover reached Php13.45 billion with 1.85 billion shares traded.
Advancers dominated decliners, 97 to 87, while 47 issues unchanged.
The day’s top gainers were led by Bogo Medellin Milling Company Inc., Medco Holdings Inc., Megaworld Corp., Oriental Peninsula Resources Group Inc. and Philippine H2O Ventures Corp. (PNA)