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PSEi hits third successive all-time high

Share prices on the Philippine Stock Exchange opened on a strong note Monday and lifted the benchmark PSEi to a third successive all-time high closing.

The buying momentum continued to buoy the market since the main index established a new all-time high on Thursday.

"It goes to show that there is optimism in listed companies and the economy despite the risks such as the Fed rate hike, Korean Peninsula tensions," First Grade Finance Inc. managing director Astro del Castillo told GMA News Online on Monday.

"The buying momentum continued after it hit all-time high last week," he said.

The PSEi was up 113.29 points or 1.38 percent at 8,294.14 when the closing bell rang. The broader All Shares increased by 50.15 points or 1.04 percent to 4,886.48.

On Friday, the PSEi finished at 8,180.85—the second all-time in two days. It closed at 8,114.91 on Thursday to breach the record high closing of 8,127.48 on April 10, 2015.

Eagle Equities Inc. president Joseph Roxas described the market's performance on Monday as a continuation of the breakout last week.

In a separate market commentary, Regina Capital Development Corp. noted that Philippine shares tracked the record highs in US markets overnight.

"Both S&P 500 and Dow finished at record territories, which also propelled the Philippines to new heights," Regina Capital noted.

The Dow Jones Industrial Average rose by 0.29 percent to end at 22,268.34 points, while the S&P 500 gained 0.18 percent to 2,500.23, records for both, a report by Reuters said.

“The PSEi’s ascent was mostly in-step with gains on Wall Street and other Asian markets. We are pleased to see the momentum continuing behind investor optimism over the market’s prospects,” PSE president and CEO Ramon Monzon said in a separate statement.

Foreign funds bought P3.325 billion of shares during the session and sold P3.371 billion for a net selling position of P45.63 million.

More than 1.303 billion shares, valued at P8.109 billion, changed hands. Advancers led decliners, 121 to 83, and 46 issues were unchanged. — VDS, GMA News

Tags: phlstocks