Stocks sustain momentum, mark fresh record territory
Traders said the excitement in the air was palpable as the Philippine Stock Exchange index rallied 113.29 points to settle at 8,294.14, printing a new all-time record high. File
MANILA, Philippines — It was another festive day at the Philippine Stock Exchange yesterday as the main composite index soared to another record high.
Traders said the excitement in the air was palpable as the Philippine Stock Exchange index (PSEi) rallied 113.29 points to settle at 8,294.14, printing a new all-time record high.
Analysts said the PSEi took the cue from skyrocketing US stocks and on the back of continued buying momentum.
The broader All Shares index gained 50.15 points or 1.03 percent to finish at 4,886.48.
For the rest of the counters, majority ended in positive territory with the holding firms and property indexes leading the gainers.
Market breadth, meanwhile, was positive with gainers outpacing losers, 121 to 83 while 46 issues were left unchanged.
Total value turnover reached P8.11 billion.
Commenting on yesterday’s trading session, Astro del Castillo, managing director at First Grade Finance Inc. said buying momentum remained strong. “Momentum buying pushed the index to record close today. Optimism and liquidity in the domestic market encouraged investors to shrugged off concerns and risks,” he said.
“Several market players preferred to ride the wave of buying rather than be distracted by the US Fed meeting, North Korea and unfavorable local news,” Del Castillo said.
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