MANILA, Philippines — Most local stocks climbed for a fourth straight session on Wednesday, bringing the main index back to the 6,800 level, as semester-end window-dressing activities trumped jitters over violence in the Middle East.
The main-share Philippine Stock Exchange index racked up 41.61 points or 0.61 percent to close at 6,834.68. The gains were led by the cyclical financial and property counters, which both went up by over 1 percent.
The Bangko Sentral ng Pilipinas has lowered its inflation target range to 2-4 percent for 2015 and 2016 from 3-5 percent this year, thereby sending a strong signal that it would ward off consumer price pressures.
There were 111 advancers that beat 79 decliners at the local bourse. Value turnover amounted to P9.78 billion.
Dealers said semester-end window-dressing activities were aiding the stock market, which was still otherwise seen on a consolidation mode.
With the PSEi’s break above the 6,800 level, Banco de Oro Unibank chief strategist Jonathan Ravelas said expectations have increased for the local stock barometer to next test the 6,850 and 6,900 levels.
The financial counter was led higher by the country’s biggest banks: Metrobank (+2.88 percent), BPI (+1 percent) and BDO (+0.22 percent).
The property counter, on the other hand, was perked by the gains eked out by ALI (+1.62 percent) and SM Prime (+1.62 percent).
PLDT, SMIC, AC, FGEN and ICTSI also gained by over 1 percent while AGI and URC also contributed gains.
Outside PSEi stocks, notable gainers were gaming-related stocks BEL (+5.8 percent), Sinophil (+13.18 percent) and Melco (+3.02 percent).
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