PHL share prices resume climb to 27th record high

Philippine share prices recovered and drove the main index to its 27th record high on Friday, as investors resumed buying in blue chip stocks.

 

The benchmark PSEi rose 74.79 points or 0.93 percent to 8,127.48 at the closing bell. While it eclipsed the record close last April 7, it failed to surpass the intraday high of 8,136.97.

 

The broader All Shares index increased by 25.28 points or 0.55 percent to 4,635.38.

 

Nearly 1.5067 billion shares worth P8.5166 billion were traded. Winners outweighed losers, 101 to 85, while 45 issues were unchanged.

 

Buying into index heavyweights drove the market to another record high, RCBC Securities Inc. analyst Anton Alfonso told GMA News Online.

 

"We just bounced back from a retreat last Wednesday," he said.

 

"Yesterday was a holiday, and there was some pent up demand from the missing trading day this week," he added.

 

On Wednesday, the PSEi declined to 8,052.69 after an eight-day rally to record highs.

 

On the other hand, Philippine financial markets were closed Thursday in observance of Araw ng Kagitingan, or Day of Valor, a national holiday that commemorates the Fall of Bataan during World War II. — RSJ, GMA News