PSEi closes at new all-time high, breaches 8,900 level

MANILA, Philippines — After a decline from an eight-day winning streak, the stock barometer on Tuesday soared to a new record high again and cracked the 8,900 ceiling.

 

The bellwether Philippine Stock Exchange index rose 2.04 percent or 178.60 points to 8,923.72 — beating the previous record of 8,770.00.

 

On Monday, Philippine markets took a breather after local investors pocketed gains from local equities following successive days of breaking records in the previous week.

 

“Philippine markets retained the upward trajectory with a new record level once again. This happened with U.S. stocks struggling to climb substantially higher,” Regina Capital Development Corp.’s Luis Limlingan said in a market commentary.

 

“The Philippines and Wall Street rode on the momentum coat tail to chart another record session ahead of 4th quarter results season. Confidence that economic growth will continue in both markets anchor earnings expectations,” he added.

 

All sectoral counters ended in the green, with both property and financials sectors finishing above 2 percent.

 

Holding firms, industrial, and mining/oil counters closed above 1 percent while services sector gained 0.82 percent.

 

Total value turnover for the day stood at P8.36 billion.

 

Advancers trumped decliners at 118 to 93, while 47 issues closed flat.