PSEi breaches 8,300 level to carve new all-time high
Share prices on the Philippine Stock Exchange traded on a strong note for the third consecutive trading day on Tuesday to close at an all-time high on the benchmark PSEi.
"It's brought about by the fact that US markets hit new record levels," Justino B. Calaycay, Jr., head of Marketing and Research at A&A Securities Inc., said.
"There's a good outlook on the US economy, consistent with the Federal Reserve's plan to possibly raise rates one more time before the end of the year," Calaycay said.
The PSEi climbed 56.65 points or 0.69 percent to 8,312.93, breaking the previous all-time high close of 8,294.14 on Sept. 18, 2017.
Year-to-date, the main index has gained 21.5 percent, according to the PSE.
The broader All Shares gained 24.64 points or 0.51 percent to 4,892.00.
"Our markets soared to a new high today, climbing further into record territory in sync with US markets also hitting new highs," PSE President and CEO Ramon S. Monzon said in a separate statement.
"Investors continue to remain bullish about the prospects of the Philippine economy," he added.
Reuters reported that all three major indexes on Wall Street closed at record highs after data underscored strength in the world's largest economy.
"There's really nothing that negative that could temper local sentiment. I really don't see anything," Calaycay said, noting the market would its own strength this week.
"Investors are probably looking at inflation risks this Thursday," he said.
The Philippine Statistics Authority (PSA) is releasing the September consumer price index (CPI) on October 5.
Foreign funds bought P3.109 billion of shares during the session and sold P3.799 billion for a net selling position of P689.830 million.
More than 1.471 billion shares, valued at P7.253 billion, changed hands. Advancers led decliners, 105 to 94, and 55 issues were unchanged. — VDS, GMA News