MANILA, Feb. 24 (PNA) –- Local share prices rallied Tuesday to new all-time high, its sixth day in a row, as investors placed bets on lower oil prices.
The barometer Philippine Stock Exchange index (PSEi) surged 8.79 points to 7,834.86 from previous day’s 7,826.07 close, unaffected by the emerging risks abroad.
Online brokerage firm 2TradeAsia.com said the positive sentiment on the drop in global oil prices bolstered the local market.
It said oil is again trading below the US$ 50 level as no indication Saudi Arabia will soon be halting production, even with an emergency meeting of Organization of Petroleum Exporting Countries (OPEC) members possible in the next six weeks.
Counters were mixed, with the services and financials declining slightly.
The sub-indices of other sectors were in positive territory.
A total of 3.22 billion shares changed hands with turnover of Php9.64 billion.
Market breadth was negative with decliners outpacing advancers, 95 to 87, while 40 issues unchanged.
The day’s most active stocks were led by SM Investments Corp., SM Prime Holdings Inc., BDO Unibank Inc., Universal Robina Corp. and Jollibee Foods Corp. (PNA)