MANILA, Philippines - The Philippine Stock Exchange index barreled further into record territory yesterday to extend gains into a seventh straight day amid follow-through buying in select stocks.
The main benchmark index closed 0.68 points or 0.01 percent higher at 7,826.07 percent to post its 15th record in finish for the year. A new intraday high was hit at 7,854.80.
Despite overbought levels, investors flush with cash continued to snap up select issues as they cheered a tentative deal to extend Greece’s financial rescue package by four months to stave off the immediate threat of bankruptcy.
Most Asian markets were in the green as they took their cue from Wall Street which soared to a new all time high Friday. Trading activity in Asia is expected to pick up this week as market players return from Lunar New Year holidays.
Value turnover was P7.76 billion with 2.88 billion shares changing hands yesterday.
The financial, property and mining/oil sectors were up while the industrial index led the sub-indices down followed by the holding firms and services counters.
Contributing to the gains were Ayala Land which rose 1.53 percent to P36.50, Metro Pacific Investments Corp. which was up 2.18 percent to P5.15, DMCI Holdings (up 0.39 percent to P15.60) and BDO (up P0.36 to P112.90).