PH Stocks Top 6,600

ScreenShot005Manila—(PHStocks)—Philippine stocks continued their rally Tuesday as more investors here and abroad target yields on unabated growth forecasts on the back of a strong macroeconomic fundamentals in the country.

The market is only in its eighth week of trading, yet the bellwether Philippine Stock Exchange index (PSEi) has already made leaps and bounds when it comes to its trading closes during the past one-and-a-half months. At market close today, February 19, PSEi breached 6,600 points for the first time in the bourse’s history by closing at 6,620.72 – up by 0.85% or 55.49pts from yesterday. Compared to its level during the first trading day of the year (January 2), PSEi has already gained 759.73pts or nearly 13%.

The Mining and Oil sector continued to feel the weight of the recent accident at Semirara Mining Corp.’s (PSE: SCC) coal site, as the index shed 0.33%. On the other hand, this did not deter the rest of the counters as investors build their positions, mainly in the Property segment, which gained 1.89%, and the Financials index, which went up by 1.05% – probably pulled by the successful IPO of the Philippine Business Bank (PSE: PBB) today.

Overall, trading was moderate to heavy, with value turnover reaching PhP10.25 billion from nearly 2.34 billion shares traded.

Below are the top gainers for the day:

Below are the biggest decliners:

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