PSEi resumes climb

The benchmark Philippine stock exchange index (PSEi) surged to another all-time high Friday, albeit at moderate volumes.

The PSEi ended up 0.93 percent, or 74.79 points, to 8,127.48, the 27th record high for the measure so far this year. The broader all-shares index was also up 0.55 percent, or 25.28 points, to 4,635.38.

Subsectors ended mixed, with financial companies leading gainers with an increase of 1.7 percent, followed by holding firms, up 1.09 percent. The industrial subindex and mining and oil closed down 0.64 percent and 1.43 percent, respectively.

Volumes were weaker than average, with about 1.5 billion shares valued at P8.5 billion changing hands. A total of 101 companies gained while 85 declined and another 45 companies closed unchanged.

“The market’s recent move suggests that the risks have dissipated back into the background—the US Fed has clearly marked it will begin to raise rates soon; Greece is closing in on a deal with its creditors,” Jun Calaycay of Accord Capital Equities said in a note to investors yesterday.

Universal Robina Corp. led the list of most actively traded stocks as it dipped 2.11 percent to P222.60 a share. This was followed by Philippine Long Distance Telephone Co., up 0.95 percent to P2,968; Ayala Land Inc., up 2 percent to P40.80; SM Investments Corp., up 3.2 percent to P968, and Metropolitan Bank and Trust, up 1.38 percent to P99.25 a share. Miguel R. Camus

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