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Index retraces climb above 7000

All sectors ended in positive territory with the property and services counters among the biggest gainers, closing higher by 3.60 percent and 2.93 percent, respectively. Philstar.com/File

MANILA, Philippines – The market went back to the 7,000 level yesterday, buoyed by positive developments abroad led by the favorable manufacturing data from the US.

The benchmark Philippine Stock Exchange index (PSEi), surged 169.64 points or 2.47 percent to finish at 7,030.95, while the broader All Shares index edged up 81.22 points or 1.94 percent to end at 4,247.78.

All sectors ended in positive territory with the property and services counters among the biggest gainers, closing higher by 3.60 percent and 2.93 percent, respectively.

Commenting on yesterday’s session, Lexter Azurin, head of research at Unicapital Securities said, “the market got a boost today following the favorable manufacturing figures in the US.”

“Meanwhile, the inflation figure in Germany signalled a recovery in the economy. Economic figures from the rest of the world gave the market a little confidence today,” Azurin said.

Total value turnover reached P7.59 billion as advancing stocks outnumbered decliners, 144 to 43 while 41 stocks were left unchanged.

Reuters reported the Institute for Supply Management (ISM) index of national factory activity rose 1.5 percentage points to 54.7 last month, the highest level since December 2014.

It said a reading above 50 indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.

“A gauge of new orders jumped 7.2 percentage points to its highest level since November 2014. Twelve industries, including petroleum, electrical equipment, appliances and components and machinery, reported growth in new orders last month,” it also said.

Source: http://www.philstar.com/business/2017/01/05/1659607/index-retraces-climb-above-700