MANILA– Local stocks on Wednesday rose led by the property sector to bring the index to a new record for this year.
The Philippine Stock Exchange index (PSEi) increased by 1.15 percent or 83.67 to close the two-day slide at 7,355.29. Likewise, all shares surged by 0.85 percent or 36.49 points to 4,340.62.
The performance set the record as the local market’s best for 2014, thumping its previous record of 7,314.94 last September 8.
“The market was boosted by the property sector. Recent reports from property firms like Megaworld and Ayala have been received favorably by investors,” said Astro del Castillo, managing director of First Grade Finance Inc.
Property firms posted the highest gains at 3.60 percent or 100.25 points. Meanwhile, the services counter finished on a negative note with 0.10 percent or 2.29 points decline.
Megaworld Corp. and Ayala Land Inc. are among the most actively traded stocks. The share prices of both companies went up by 8.32 percent and 4.05 percent, respectively.
“Investors were too focused on opportunities on these property firms,” Del Castillo added.
Meanwhile, last Wednesday’s trading showed a downtrend in overseas market with Dow suffering the biggest loss of 0.68 percent or 116.81 points.