MANILA, Feb. 25 (PNA) –- The local stock market notched its 17th all-time high on Wednesday after Federal Reserve chair Janet Yellen signalled likelihood of interest rate increases.
The benchmark Philippine Stock Exchange index (PSEi) advanced 7,844.06 from previous day’s 7,834.86 close.
Online brokerage firm 2TradeAsia.com said market sentiment glided with Yellen’s statement that the United States central bank would be more patient in raising interest rates.
The firm said that part of the boost also stemmed from Bangko Sentral ng Pilipinas’ optimism on the local economy despite volatility in global markets.
Counters were mixed, with the property, services and mining and oil in positive territory.
The sub-indices of other sectors declined slightly.
Volume of transactions reached 3.80 billion shares valued at Php17.23 billion.
Market breadth remained negative with decliners dominating advancers, 97 to 77, while 45 issues unchanged.
The day’s most active stocks were led by Universal Robina Corp., Ayala Land Inc., Puregold Price Club Inc., Philippine Long Distance Telephone Company and Security Bank Corp. (PNA)