PHL stocks soar to 31st all-time high on corporate, election results

Philippine shares advanced for the fifth successive trading day and closed at a new all-time record Wednesday—the 31st record closing in the year—propped by a slew of positive news on both the local and international fronts. The PSEi ended trades up 78.74 points to 1.08 percent to 7,392.20, treading the uncharted 7,400 territory for the very first time and hitting a new intraday record of 7,403.65. Wednesday’s close eclipsed the earlier record of 7,313.46 posted Tuesday. Broader all-shares index was also up 0.69 percent to 4,567.08. "The market was up on very good first quarter earnings results of corporates, coupled with election euphoria," Joseph Roxas, president of Eagle Equities Inc., said in a text message to GMA News Online.    Most indices were in the positive territory, with property, financials, industrial and holding firms ending trades in the green. But the services and mining and oil sectors were down.  Losers, however, outnumbered gainers 88 to 73, while 51 stocks were unchanged. Over 3.04 billion shares worth P21.39 billion changed hands. Nieves Securities Inc. analyst Miko Sayo noted in a separate text message the "strong performance of the Dow overnight as well as anticipation of the Philippines' strong GDP (gross domestic product)" helped push the PSEi higher. On Wednesday, conglomerate Ayala Corp., home builders Filinvest Land Inc. and Vista Land & Lifescapes Inc., holding firm Alliance Global Group Inc., logistics company Asian Terminals Inc. and media firms GMA Network Inc. and ABS-CBN Corp. reported double-digit net income growth in the first quarter. Investors have also been cheering the peaceful elections last Monday. Most administration bets were leading in early counts, which analysts pointed out will be good for policy consistency. Overnight on Wall Street, the Dow Jones industrial average gained 123.57 points, or 0.82 percent, to a record 15,215.25 at the close, according to Reuters. Sayo said profit-taking may ensue tomorrow but indicators point "that the trend is obviously up." — VS, GMA News