MANILA — The Philippine Stock Exchange Index (PSEi) hits the 7,300 mark for the first time this year following the post-“ghost month” buying binge.
PSEi added 51.36 or 0.71 percent to close the index at 7,314.94. This is the highest finish since May 22, 2013.
Since the beginning of the year, the PSEi has rallied by 24.2 percent.
“It’s a post-ghost month bargain-hunting. If you look at it, a good chunk of the market’s rise is company-specific, like PLDT and ALI on MSCI (weight upgrade) and URC on its New Zealand investment,” according to Jose Mari Lacson, head of research at Campos Lanuza & Co.
The property and cyclical financial sectors were the top scorers. This indicates a positive outlook with regard to the country’s growth aspects. On the other hand, the industrial counter needs improvement.
The value turnover for the day stands at P10.13 billion. However, there are number of decliners surpassed the advancers, while 39 stocks were unchanged.
The most actively traded stock is PLDT at +0.23 percent. Meanwhile, the biggest index gainers were Bloomberry, SM Prime, and JG Summit, all with more than 3 percent gains.