MANILA, Philippines – Local stocks got off to a strong start on the first trading session of 2015, helped by select buying activities amid expectations the Philippines is settling into a more sustainable pace of growth.
The benchmark Philippine Stock Exchange Index (PSEi) jumped 46.06 points or 0.64 percent to close at 7,276.63, pushed up by gains across most sectors.
The holding firms counter posted the biggest gain, growing two percent.
More than 1.4 billion shares valued at P7.37 billion changed hands yesterday.
Gainers edged out losers, 99 to 87 while 42 issues were unchanged.
“I hope that 2015 will be the year when we see more of our countrymen reap the benefits of investing in the stock market. And with our individual endeavors as well as collective effort, I am optimistic that we can help bring financial freedom to more Filipinos,” PSE chairman Jose T. Pardo said yesterday.
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Asian stocks were mixed following Wall Street’s sluggish start and continued jitters in the crude market.
In the US, the pace of manufacturing growth eased in December, sapping investor appetite for stocks.