By Leslie D. Venzon
MANILA, Feb. 18 (PNA) –- The local stock market breached Wednesday the 7,800-mark, its 13th record close this year, supported by the country’s strong fundamentals and healthy corporate earnings.
The bellwether Philippine Stock Exchange index (PSEi) advanced 10.05 points to 7,803.45 from previous day’s 7,793.40 close.
“The local bourse managed to sustain its momentum today, with the PSEi breaching the 7,800 mark, reflecting investors’ optimism on corporate earnings and the country’s macro backdrop,” according to the Rizal Commercial Banking Corp. (RCBC) Securities Inc.
In a market report, Accord Capital Equities Corp. cited the fresh positive numbers from the Bangko Sentral ng Pilipinas (BSP) particularly consumer loans that sustained its growth trajectory.
Counters were mixed, with the mining and oil and financials in negative territory.
The sub-indices of other sectors surged moderately.
Volume of transactions reached 3.90 billion shares valued at Php7.58 billion.
Decliners outpaced slightly advancers, 95 to 93, while 41 issues unchanged.
The day’s top gainers were led by Unioil Resources and Holdings Company Inc., Forum Pacific Inc., Medco Holdings Inc., Wellex Industries Inc. and Leisure and Resorts World Corp. (PNA)