By Leslie D. Venzon
MANILA, March 31 (PNA) –- Local share prices closed at new record highs for fourth straight day above 7,900 on Tuesday, tracking gains in Wall Street and favorable economic fundamentals.
The benchmark Philippine Stock Exchange index surged 41.08 points to 7,940.49 from previous day’s 7,899.41. The main index logged its 23rd all-time high for the year.
”Today performance was boosted by Wall Street’s gains, boosting local investors’ sentiment,” said Jonathan Ravelas, BDO chief market strategist.
The Dow Jones Industrial Average advanced 263 points while Nasdaq Composite index gained 56 points after personal income and outlays rose in February.
Online brokerage firm 2TradeAsia.com said investors’ confidence in the economy may continue to spur index gains above 8,000.
”We are quite positive for the whole year,” said COL Financial head of research April Lynn Tan, noting that the market continued to be liquidity-driven.
Counters were mixed, with the property sector leading the gains.
The sub-indices of mining and oil, services and financials were in negative territory.
Volume of transactions reached 3.74 billion valued at Php12.49 billion.
The market breadth remained negative with decliners outpacing advancers, 109 to 80, while 34 issues were unchanged.
The day’s top gainers were led by Euro-Med Laboratories Philippines Inc., Berjaya Philippines Inc., Cebu Property Ventures and Development Corp. , 2Go Group Inc. and Discovery World Corp. (PNA)