Index continues climb, hits new high

MANILA, Philippines - Philippine share prices soared anew yesterday, lifting the benchmark stock index to its 21st record close of the year even as most foreign stocks slumped.

The Philippine Stock Exchange index (PSEi) climbed 0.09 percent or 6.86 points to finish at a new all-time high of 7,877.96.

The broader all shares index, meanwhile, was flat but still closed in the positive territory after picking up a modest 0.004 percent or 0.20 points at 4,546.40.

Fresh from Thursday’s new record close of 7,871.10, Philippine share prices quickly went to work on Friday to beat not only its previous day’s feat but also managed to post a new  all-time intraday high of 7,889.25.

Analyst attributed Friday’s ascent to many factors, but the strongest of which are the positive corporate earnings and the Bangko Sentral ng Pilipinas’ decision on Thursday to keep its key policy rates unchanged.

“Declines were limited by the local central bank’s move to retain interest rates and select firms’ encouraging earnings data,” said Rens Cruz, analyst at F Yap Securities.

In Wall Street, major indexes were also lower with the Dow and Nasdaq slipping 0.23 and 0.27 percent, respectively.

Counter in the local shores meanwhile were healthy except for services and holding firms which declined 0.31 and 0.22 percent, respectively. Property firms led gainers with a 0.60-percent gain.

Market breadth, however, was negative as decliners crushed advancers, 100 to 69, while 52 stocks were unchanged. Value turnover finished a little more than the previous day at P9.65 billion.