PSEi soars to new record high

Share prices on the Philippine Stock Exchange soared to new record highs on Friday as optimism about the global economy spilled over to the local market.

The benchmark PSEi gained 45.13 points or 0.54 percent to 8,447.94 at the closing bell, the highest since it breached 8,400 on Thursday. The broader All Shares increased by 9.83 points or 0.20 percent to 4,938.11.

"The momentum is still there. Optimism continues to fuel the market as the global economy is seen to be bouncing again," First Grade Finance Inc. managing director Astro del Castillo told GMA News Online.

According to a report by Reuters, regional stocks edged to a 10-year high thanks to expectations of brisk global growth.

AB Capital Securities Inc. research head Jose Vistan noted investors were optimistic about the progress of the government's proposed tax reform pending before the Senate.

Foreign funds bought P5.540 billion of shares during the session and sold P4.889 billion for a net buying position of P651.182 million.

More than 862.164 million shares, valued at P9.556 billion, changed hands. Losers led winners, 106 to 91, and 45 issues traded unchanged.

Week-on-week, the PSEi gained 137.06 points or 1.65 percent from 8,310.88 on October 6. Year-to-date, it surged by 1,607.31 points or 23.49 percent from 6,840.63 on December 29, the last trading day of 2016. — VDS, GMA News