Index tracks uptrend in Asian markets

The benchmark Philippine Stock Exchange index remained in positive territory yesterday, tracking regional markets, analysts said.

The PSEi gained 13.10 points, or 0.17 percent, to finish at 7,524.84, while the broader All Shares index gained 23.83 points or 0.54 percent.

Most counters stayed in the green, with the mining and oil index surging to 11,369.94, booking gains of 212.87 points or 1.91 percent, while the property index edged higher by 31.30 points or one percent.

Total value turnover remained significant as in last week after the peaceful turnout of the May 9 elections even as decliners edged out advancers 99 to 96. Fifty stocks were left unchanged.

Analysts said the local market tracked regional markets as well as the optimism on Wall Street, which was boosted by news that billionaire Warren Buffett had invested in Apple, pushing a 3.7 percent climb in that stock.

Investors would continue to keep a close watch on the move of the US Federal Reserve, which is scheduled to release minutes of its last meeting on Wednesday.

Across Asia, Japan’s benchmark Nikkei 225 went up 1.1 percent to 16,652.80 as the yen continued to weaken, a development welcomed by Japanese exporters.

Similarly, Australia’s S&P/ASX 200 added 0.7 percent to 5,395.90 while Hong Kong’s Hang Seng gained 1.2 percent to 20,118.80.

From the minutes, investors are seeking, looking for hints on central bank plans for raising interest rates in the future.