A man surrenders his US dollars for local currency at a money changer along FB Harrison and Gil Puyat Avenue. The local unit has fallen 6.3 percent thus far this year.

The Philippine Stock Exchange Index (PSEi) maintained its upward climb for the fourth straight day as afternoon trades averted a downhill trend from break time.

The 30-company local composite closed 1.12 percent higher on Wednesday at 7,348.42, representing an 81.08 points climb from July 3’s closing of 7,267.34. It was also the PSEi’s highest closing since June 20.

The broader all-shares index was also up by a percent to settle at 4,454.04.

Philstocks Financial’s Justino R. Calaycay, Jr. interpreted the event as positive for the bourse.

“It is good to see the market holding on given that we are in the bear market situation,” Calaycay said in a phone interview.

Despite the 2.4 percent upward trend in the past five days, Calaycay ruled out the index breaching the 8,000 mark at the end of the year as forecast.

“The market can settle at 7,500 or 7,700 but not 8,000. Given the risks in the market plus the situations the world economy is in, we can target 7,700,” he said.

At the broker’s briefing, Calaycay also painted a bleak outlook for the local market as he expressed doubt the bourse could sustain its growth trajectory.

“Volume is still relatively thin. We’re concerned about the sustainability of the rise,” he said.

Calaycay’s view is contrary to the projection of Finance Secretary Carlos Dominguez III who expressed optimism the Duterte administration’s massive Build, Build, Build infrastructure program would ensure a 7-percent gross domestic product (GDP) expansion this year.

The flow of state-generated funds into the real economy forms part of the multiyear Build, Build, Build program that should eventually cost more or less P9 trillion, he said, adding that much money in the system was certain to create jobs, attract investments “and finally disperse growth to the countryside.”

“The Build, Build, Build program will drastically alter the Philippine economic landscape. It will create over a million jobs per year. It will bring our logistics backbone up to par in a region that is growing very dynamically,” Dominguez said.

Services and properties, highest sub-indices

Services and properties gained the highest among sub-indices yesterday, advancing 1.93 percent and 1.75 percent, respectively. Mining and oil firms were in the red, down 0.43 percent at 9,669.62.

A total of 56 listed companies remained unchanged, as both advancers and decliners were tied in numbers at 100.

Liberty Flour Mills bounced back from Tuesday’s big loss to close the trading with a 50 percent gain at P39.60 per share. Mabuhay Holdings Corporation and Cebu Property Ventures and Development Corporation both gained 10 percent.

Chemical Industries of the Philippines was the only loser in double digits, down 26.34 percent to close at P192.10 per stock.

Henry Sy’s SM Investments Corp. was the most actively traded stock, up by 1.09 percent. Ayala Land, Inc. and SM Prime Holdings, Inc. followed suit with their prices in green.