PSEi rallies to year-high, breaks 6,600 mark

The Philippine stock market extended its advance on Wednesday as buying pressure remained intact across the board.

Local equities rose on Wednesday, with the benchmark Philippine Stock Exchange Index (PSEi) climbing 1.1 percent or 71.89 points to 6,619.87 amid broad gains across major sectors.

Ron Acoba, chief investment strategist at Trading Edge Consultancy, said the PSEi climbed 1.1 percent. It pushed past the 6,600 level and marked a new one-year high.

“In doing so, it also broke above the upper boundary of the trading range it had established last year,” Acoba said.

He also said the continued appreciation of the Philippine peso against the US dollar has further supported foreign fund inflows.

Investors pushed equities higher, lifting the all shares index by 0.72 percent to 3,640.38 by market close.

Trading activity showed healthy participation, with net value turnover at P8.53 billion and advances outnumbering declines. This signaled renewed appetite among both local and foreign players.

Most sectoral groups finished positive. The services index led gains with a 4.25 percent jump. Mining and oil added 1.68 percent.

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The industrial and financial counters also contributed to the upside, but holding firms lagged slightly.

Market breadth was favorable, with 116 advancing issues against 91 decliners.

Semirara Mining and Power Corp. emerged as the day’s top index gainer, rising 6.21 percent to P28.20.

JG Summit Holdings Inc. was the biggest loser, slipping 2.57 percent to P30.30.