Index extends win streak to 7, ends at new high

MANILA, Philippines — The stock market continued on its winning streak as it capped yesterday’s trading session with another record-high outcome.

As the uptrend extends to seven since the last week of 2017, First Metro Investment Corp. (FMIC) beams with high hopes the Philippine Stock Exchange index (PSEi) will breach the 9,400 levels this year.

The PSEi closed at 8,739.83 yesterday,  0.18 percent or 15.70 points higher than Wednesday’s finish. The broader All Share index also improved 0.10 percent or 5.10 points to settle at 5,059.75.

“Philippine markets still managed to close at another record high as US stock market indexes pushed further into record territory, with the main benchmarks closing at fresh all-time highs Wednesday,” said Luis Limlingan of Regina Capital Development Corp.

“The main benchmarks held on to earlier gains after the minutes from the latest Federal Reserve meeting showed a distinct lack of unity over the central bank’s projection of three rate hikes in 2018. The minutes from the December FOMC meeting were consistent with a meaningful improvement in the growth outlook but provided little new information about monetary policy,” Limlingan added.

With yesterday’s finish, the PSEi has posted back-to-back record highs so far for 2018.

Local counters, however, were not as green as it was on Wednesday, with three counters finishing in negative territory.

Services dropped 1.12 percent, while mining and oil and property declined 0.60 percent and 0.35 percent, respectively.

Leading the charge, meanwhile, were holding firms and financials with gains of 0.68 percent and 0.51 percent, respectively.

Market breadth was negative as decliners crushed advancers, 121 to 86, while 47 stocks were unchanged.

Value turnover expanded to P9.17 billion from PP7.29 billion the previous year.

“We see PSEi rising to a new level of 9,400 after making 14 highs last year. Earnings growth is 10 percent,” FMIC vice president Cristina Ulang said.