MANILA (PNA) – The local stock market closed at its new 2016 high above 8,000-level on Tuesday on positive corporate earnings prospects and stable economic outlook.
The Philippine Stock Exchange index (PSEi) advanced 49.76 points or 0.62 percent to 8,036.01 from previous day’s 7,986.25 finish.
This is the second time the local stock barometer breached the 8,000-mark this year but still lower than the record high level of 8,127 achieved in April last year.
“Expectations of better second-quarter earnings boosted prices higher,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank.
Ravelas believes that the index has “still some gas” to retry the 8,136 levels in the near-term.
Victor Felix, equity analyst at AB Capital Securities, said the local bourse also rallied on stable economic outlook by the Asian Development Bank.
The ADB has maintained its economic growth projection for the Philippines at 6 percent this year and 6.1 percent for 2017.
All counters rose moderately, except mining and oil that finished in the red.
Value turnover stood at PHP9.3 billion as 1.7 billion shares changed hands.
Advancers outpaced decliners, 105 to 85, while 55 issues unchanged.