MANILA, April 6 (PNA) –- Local share prices broke the 8,000 mark for the first time, hitting their 25th record close for the year, as investors bet on the favorable impact of lower oil prices on the Philippine economy.
The benchmark Philippine Stock Exchange index (PSEi) surged 60.65 points or 0.76 percent to 8,053.74 from Wednesday’s 7,981.05.
Markets were closed on Thursday and Friday for holidays in line with the Lenten season.
Brokerage firm 2TradeAsia.com said the local equities saw positive follow-through response to the Iranian nuclear deal which could help keep a lid on world crude future prices that is positive to spending.
Nisha Alicer, chief equity analyst at DA Market Securities Inc., said the market started second quarter with continued investor interest noticing as well continued net foreign buying figures.
”Technically, 8,000 was an initial resistance that if holds can lead us to a test of next resistance at 8,200. Today’s market is dominated by the blue chips that continue to show good upside vis-a-vis market’s valuation,” she said.
Almost all counters were in positive territory, with services and mining and oil sectors leading the market’s gains.
The financial sector declined slightly.
A total of 2.34 billion shares valued at PHP6.55 billion changed hands.
Advancers slightly dominated decliners, 92 to 81, while 47 issues were unchanged.
The day’s top gainers were led by Chemical Industries of the Philippines Inc., Global Ferronickel Holdings Inc., Transpacific Broadband Group International Inc., Philippine Realty & Holdings Corp. and Manila Mining Corp. (PNA)