PSEi breaches 6,800 on foreign buying
Philippine shares soared to a new record Wednesday breaching the 6,800 psychological barrier as positive sentiment toward the global economy and prospects of better corporate earnings fueled heavy buying by foreign fund managers.
The Benchmark PSEi jumped by 123.49 points or 1.84 percent to 6,835.21, its 23rd record close this year.
Wednesday's all-time high was over a hundred point compared to previous record of 6,721.45 less than two week ago on Feb.28.
The PSEi also hit a new intra-day record of 6,842.97.
The broader all-shares index was up by 1.25 percent to 4,257.79.
Over 3.7 billion shares valued at P13.21 billion were traded.
Gainers overwhelmed losers 117 to 61, while 38 issues were unchanged.
All indices were in the positive territory, led by property that was up by 2.86 percent.
"It was expected after US markets boosted to record highs as well as good earnings reports from top corporates," said Manny Cruz, market strategist at Asiasec Equities Inc.
The Dow Jones industrial average hit a new high at 14,253.80 overnight on Wall Street, giving investors the green light to take on more risks, Jonathan Ravelas, BDO Unibank chief market strategist told GMA News Online early Wednesday.
Cruz said a number of blue chip counters, like Alliance Global Inc. (AGI), Ayala Land Inc. (ALI), Metro Pacific Investments Corporation (MPI), and Manila Electric Company (MER) "hugely benefited from the market's run today."
The PSEi broke through the 6,800 level at 10:17 a.m., hitting 6,804.44 on perceptions of improved global growth after China, the world's second largest economy, announced record spending for this year, said Krizia Syquiatco, analyst at PAPA Securities Corp.
The news delivered by US markets served as the catalyst that pushed the PSEi further into record territory, Syquiatco noted. — VS, GMA news