Index breaches 8,000 mark for first time

MANILA, Philippines - The country’s benchmark stock index was off to a sizzling start yesterday, clinching its 22nd record close for the year and breaching the 8,000 level for the first time.

The Philippine Stock Exchange index (PSEi) soared 0.27 percent or 21.45 points to end at a new all-time high of 7,899.41, eclipsing the previous record of 7,877.96 made last Friday.

Monday’s finish was the PSEi’s third consecutive session of hitting all-time high levels.

Aside from yesterday’s new record close, the index also set its foot above the 8,000 mark for the first time. The PSEi set a new all-time intraday high of 8,007.98.

“Despite the pullback at the end of the session, breaking the 8,000 mark is an indication of the confidence level that investors have on the market. This conviction is supported by the prevailing positive sentiment in local developments as well as in the region as seen by gains in most Asian bourses,” said PSE president and CEO Hans B. Sicat.

The 8,000 mark is already a level which the market is expected to finish at by yearend according to some analysts forecasts earlier this year.

“The PSEi laid to rest all doubts on whether it could hit 8,000 this year but does raise the question of whether it can be sustained,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

Mondays ascent was attributed by analysts to a mix of local and international factors.

‘Some participants cheered the latest overnight decline in crude futures prices,” said Grace Cerdenia, research head at F Yap Securities.