Stock market analysts expect that last week’s uptrend will still spillover this week, and they are saying it has the possibility of breaching the 7,800 mark for the first time. Let's act, wait and see.
Yesterday, the PSEi also hit a new intraday high at 7,786.78, beating the previous record of 7,738.12 last February 4 and closed at 7,782.57 yesterday, its 10th record close for this year. So far this year, we already have gained 7.6 percent or 552 points.
"THE LOCAL stock barometer climbed to its 10th record finish yesterday as investors who dumped gaming stocks amid China’s intensified crackdown on high-rollers scouted for investment alternatives.
The main-share Philippine Stock Exchange index (PSEi) gained 54.39 points or 0.7 percent to close at 7,782.57, defying mostly sluggish regional markets. A new intraday high of 7,786.78 was also established.
“Investor confidence in our local market remains strong as shown by the continuous market rally despite the downward trend in the region. Expectations of positive listed company annual income results and untouched key policy rates [by the local central bank] in the coming days fuel the upbeat market performance. Given this favorable backdrop, we hope that the new levels reached
would become the springboard for a more resilient market even as global uncertainties persist,” PSE president Hans Sicat said in a statement.
Dealers said there was also some positioning ahead of the next MSCI rebalancing.
The day’s upswing was led by the industrial sector, which rose 2.3 percent. The holding firm and property countries also firmed up while the services and mining/oil counters weakened.
Value turnover for the day amounted to P7.59 billion.
Despite the rise of the main index, market breadth was negative as there were twice as much decliners (121) than advancers (52) for the day."
Source: business.inquirer.net
Philippine stock index starts week at new all-time high
The Philippine stock market on Monday climbed to a fresh record, ignoring negative news overseas.
At the Philippine Stock Exchange, the benchmark index rose 54.39 points or 0.70 percent to end today at 7,782.57, its 10th record close for this year. The PSEi also hit a new intraday high at 7,786.78, beating the previous record of 7,738.12 last February 4.
So far this year, the main gauge has gained by 7.6 percent or 552 points.
“Investor confidence in our local market remains strong as shown by the continuous market rally despite the downward trend in the region,” PSE president Hans B. Sicat said.
"Expectations of positive listed company annual income results and untouched key policy rates in coming days fuel the upbeat market performance. Given this favorable backdrop, we hope that the new levels reached would become the springboard for a more resilient market even as global uncertainties persist," he said.
The industrials counter went up by 2.31 percent to 13,068.24, followed by the holding firms, financials and property sub-indices, which gained 0.70 percent, 0.33 percent and 0.03 percent, respectively."
Source: interaksyon.com/business
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