MANILA, Philippines – Local stocks ended the year higher for the sixth straight year, rising 22.8 percent in 2014 to remain among the region’s outperfomers.
The main-share Philippine Stock Exchange index gained 0.62 percent or 44.25 points to close at a two-week high of 7,230.57 on the last trading day of the year, tracking the yearend rally in most Southeast Asian stock markets.
Asian shares rallied along with crude oil with investors increasingly optimistic about China boosting lending and economic growth.
Crude prices rebounded amid speculation an escalating conflict in Libya will help ease a global supply surplus.
The local stock rose by a modest 1.3 percent in 2013, a far cry from the 33-percent gain a year earlier. In 2009 to 2011, the index went up by 63 percent, 38 percent and four percent, respectively.
The local stock market will be closed from Dec. 30 to Jan.2 and will reopen on Jan. 5.
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Value turnover reached P8.44 billion with about 1.04 billion shares changing hands. Advancers edged out losers 111 to 75, while 42 issues were unchanged.
By counter, the industrial sub-index led the rally, logging in a 1.16-percent rise followed by the holding firms and mining sectors which went up .75 percent and .60 percent, respectively.
Among the most actively traded stocks were PLDT, Alliance Global, Universal Robina, Metrobank and Ayala Land.
Accord Capital Equities Inc.’s JUn Calaycay remains optimistic on the local market’s prospects for 2015. “Much is being said of the over-all economic outlook – mostly tending towards the positive. We cannot agree more,” Calaycay said.