PSEi reached new 2014 high on Tuesday

by VG Cabuag, BusinessMirror

Posted at May 14 2014 07:27 AM | Updated as of May 14 2014 03:27 PM

MANILA - Share prices closed higher on Tuesday, with the main index reaching the highest for the year as the market rode on investors’ confidence on the improving market fundamentals.

The Philippine Stock Exchange index (PSEi) gained 41.47 points to 6,852.81, while all other subindices were mostly up.

The main index also reached its highest in 11 months when the PSEi closed at 6,875 points on June 10 last year.

Metropolitan Bank and Trust Co. said in a research note that the optimism over the recent credit-rating upgrade had a spillover in this week’s sessions. This was further supported by the continuing release of first-quarter earnings.

“Expect to see more first-quarter results releases moving toward the May 15 deadline,” the bank said.

Other subindices were mostly up, led by the All Shares that gained 30.35 points to 4,135.98. The Financials index shed 4.18 to 1,613.53, the Industrial index was up 63.13 to 10,339.94 and the Holding Firms index rose 63.88 to 6,275.33.

Total volume of trade was at º1.79 billion worth P9.7 billion. Gainers edged losers 126 to 61, with 36 stocks unchanged.

Puregold Price Club Inc. was the day’s mostly traded share and reached its highest since its listing. Its share price was up P2 to close at P48, or a gain of 4.3 percent.

Philippine Long Distance Telephone Co. was down P8 to P2,894; Ayala Land Inc. gained P0.25 to P32; Alliance Global Group Inc. lost P0.60 to P29.80; Metrobank rose P0.05 to P86, while lightly traded Bright Kindle Resources and Investments Inc. barged into the mostly traded and increased 31.25 percent, or from P0.75 to P3.15.

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