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THE LOCAL stock barometer resumed its upswing on Friday to close at a record high, tracking an overnight Wall Street rebound.
The local stock barometer rallied by 72.61 points or 0.95 percent to end at a new high of 7,689.91.
The gains were led by the industrial, holding firm and property counters which all rose by over 1 percent. Only the mining/oil counter was in the doldrums.
Value turnover for the day amounted to P9.14 billion. There were 100 advancers that beat 90 decliners while 41 stocks were unchanged.
The PSEi’s gains were led by MPI, which rose by 3.16 percent. JG Summit, Jollibee and AGI all advanced by over 2 percent while ALI, SMIC and AC gained by over 1 percent.
The day’s most actively traded stock was a non-PSEi stock – FNI, which firmed up by 1 percent. The mining company unveiled plans to buy assets in Palawan and to raise $170 million from a follow-on offering by March or April this year.
Meanwhile, Metrobank fell by 2.91 percent alongside parent firm GTCAP, which slipped by 0.66 percent.
On Thursday, US stocks firmed up on the back of good earnings report from Apple Inc. and Boeing Co. alongside lower US jobless claims.
At the local market, investors focused back on fundamentals, betting on much higher corporate earnings this year alongside firmer economic prospects. It was earlier reported that the fourth quarter Philippine gross domestic product (GDP) growth had come in at 6.9 percent, beating the market consensus of 6 percent.
In a research note, local stock brokerage DA Market Securities said while it continued to be positive over the long-term, the market may be susceptible to profit-taking as it treads higher. It noted that relative strength index was approaching overbought territory even as moving averages continued to show bullish crossover.
“Market swings may stem particularly from external factors including possible tightening in the US and concerns about deflation in the eurozone and economic slowdown in China. On the local front, we may see election-related news to become more market relevant as we enter the thick of the campaign season and monitor poll results,” it said.
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