September 25, 2024 | 12:00am
MANILA, Philippines — The local stock market continued its bull run, reaching a new 31-month high following a record setting Wall Street performance.
The benchmark Philippine Stock Exchange index (PSEi) surged for a fourth consecutive session, rising by 0.20 percent or 14.96 points to 7,432.21.
This was the PSEi’s highest finish in 31 months or since closing at 7,440.91 on Feb. 22, 2022.
The broader All Shares index was also in the winning column, gaining by 0.14 percent or 5.48 points to settle at 3,963.50.
“Investors took cues from Wall Street’s record performance overnight driven by optimism towards the Fed’s monetary policy stance,” Philstocks Financial research manager Japhet Tantiangco said.
Luis Limlingan of Regina Capital said US equities jumped to record highs amid the rally continuation last week.
Limlingan said the increase in share prices were also supported by the Bangko Sentral ng Pilipinas’ reserve requirement cut and China’s new stimulus measures.
Net value turnover was robust at P11.24 billion, higher than the previous day’s P8.24 billion.
Financials led the sectors with a 0.44 percent increase.
Meanwhile, services and holdings firms were the only counters in the red, declining by 0.62 percent and 0.03 percent, respectively.
Market breadth remained positive in a tight contest, with advancers beating decliners, 102 to 100, while 57 issues were unchanged.
Manila Electric Co. recorded the largest gain among the index members at 3.45 percent, while Century Pacific Food lost the most at 3.51 percent.
Ayala Land was the top traded company, jumping by 2.96 percent to P38.30 per share, followed by BDO with a 2.45-percent increase to P167 per share.
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