Last-minute buying lifts PSEi to hit new all-time high

Share prices on the Philippine Stock Exchange stayed on a strong note Friday to hit a new all-time high, thanks to last-minute buying on select blue chips.

The benchmark PSEi increased by 35.94 points or 0.44 percent to 8,180.85 — the highest for the main index since it broke the 8,127.48 record posted on April 10, 2017.

The broader All Shares climbed 20.42 points or 0.42 percent to 4,836.33.

"Last-minute buying of some blue chips such as SM Prime, Ayala Land, and SMIC accounted for the rise," AB Capital Securities Inc. equity analyst Edgar Lay told GMA News Online.

Lay said that trading during most of the session was tempered as investors were cautious due to concerns over North Korea's latest missile test.

Apart from the last-minute buying of select stocks, a net inflows of foreign funds also supported the PSEi, according to the analyst.

Foreign funds bought P7.262 billion of shares during the session and sold P6.788 billion for a net buying position of P473.68 million.

"Today, we snapped seven days of foreign selling," Lay said.

More than 1.183 billion shares, valued at P11.183 billion, changed hands. Decliners led advancers, 101 to 98, and 48 issues were unchanged. —KBK, GMA News