By Leslie D. Venzon
MANILA, April 1 (PNA) — The local stock market rallied to another record close near the 8,000 mark on Wednesday, its 24th this year, bucking the decline in global markets.
The barometer Philippine Stock Exchange index (PSEi) posted new record for the fifth straight trading day, surging 40.56 points to 7,981.05 from previous day’s 7,940.49.
Analysts believe that investors’ confidence in the economy coupled with liquidity continue to drive share prices higher.
”It (market) continues to outperform its ASEAN neighbors Thailand, Indonesia and Malaysia,” said brokerage firm Regina Capital Development Corp. (RCDC).
However, RCDC advised investors to be on the lookout for potential pullbacks as the index is also entering the overbought territory which may put selling pressure on prices.
The property sector led the market’s gain, increasing 1.43 percent.
The sub-indices of mining and oil and industrial were in negative territory.
A total of 1.15 billion shares valued at Php5.90 billion changed hands.
Advancers won decliners, 102 to 73, while 42 issues were unchanged.
The day’s top gainers were led by Unioil Resources & Holdings Company Inc., iRipple Inc., Megaworld Corp., Prime Orion Philippines Inc. and Manila Mining Corp. (PNA)