Index climbs to new record high

MANILA, Philippines — Share prices continued to climb yesterday, boosting the index to hit a new record high at 8,344.05.

The local stock barometer gained by another 31.12 points, surpassing Tuesday’s record high of 8,312.93.

The broader All-Shares index was also up 15.84 points, or 0.32 percent, to settle at 4,907.84.

PSE president and CEO Ramon Monzon said investors continue to remain bullish about the prospects of the Philippine economy.

Most sectoral indexes were up led by  the industrial index which rose 0.58 percent, mining and oil index, up 0.36 percent and financials index up by 0.28 percent.

Total value turnover reached P6.55 billion. Advancing stocks, outnumbered losers 106 to 88 while 62 issues were left unchanged.

Year to date, the PSEi has gained 21.5 percent.

Traders said the local market also benefitted from soaring US stocks.

“Philippine stocks traded in frontier territory as the bargain hunting continued along with US Stocks also setting fresh records on Tuesday,” said Luis Limlingan, managing director at Regina Capital.

Meanwhile, global stock markets hit a record high on Wednesday with investors in exuberant mood in the United States overnight and in Asia later, but sentiment in Europe was soured by a political crisis gathering steam in Spain.

Tensions between Madrid and Catalonia have risen since the wealthy region held an independence referendum on Sunday that was tarnished by police violence.