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Tuesday, May 13, 2014

PSEi climbs back to 11-month high following Wall Street rally

The Philippine composite index on Tuesday climbed to an 11-month high after US equity gauges rose to record levels.

At the Philippine Stock Exchange, the benchmark index advanced 41.47 points, or 0.61 percent, to close at 6,852.81, its highest finish since closing at 6,875.60 on June 10, 2013. Except for the financials sub-index, the other counters finished in the green as the mining & oil and holding firm counters gained at least a percent each.

Advancers beat decliners, 126 to 61, while 38 issues were unchanged. Value turnover improved to P9.70 billion from yesterday's P8.02 billion, as 1.80 billion shares changed hands.

Most actively traded stocks were Puregold, PLDT, Ayala Land, Alliance Global and Metrobank. Top gainers were Pancake House, Bankard and Berjaya, while the biggest losers were Chemphil, Discovery World and ATN Holdings A.

"The emotional pendulum swung back to positive after the Dow hit a fresh record reflecting a resurgence of confidence on the world’s largest economy. Activity in the market picked up behind news of acquisitions while expectations China’s leaders will keep an accommodative stance amid weak economic numbers provided added lift," said Jun Calaycay of Accord Capital Equities Corp.

Overnight, US equities rose to send benchmark indexes to record levels as investors picked up some of the stocks that were sold off in recent weeks. A number of deals also fuelled optimism on the world's largest economy.

The Standard & Poor’s 500 Index advanced 1 percent to a new record of 1,896.65, while The Dow Jones Industrial Average rose 112.13 points, or 0.7 percent, to 16,695.47, extending an all-time high. The Nasdaq Composite Index rallied 1.8 percent, its biggest gain since January, to cut its year-to-date decline to 0.8 percent this year.

- Interaksyon

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