PSEi hits new high, nears 8,500

Manila Times - - BUSINESS TIMES - AN­GEL­ICA BALLES­TEROS

THE stock mar­ket con­tin­ued its run of record highs on Fri­day, with the Philip­pine Stock Ex­change in­dex ( PSEi) gain­ing 0.54 per­cent or 45.13 points to close at 8,447.94.

The wider All Shares grew 0.20 per­cent or 9.83 points to set­tle at 4,983.11.

“[ I] nvestors re­main pos­i­tive and the mo­men­tum is re­ally there,” First Grade Fi­nance, Inc. Manag­ing Direc­tor Astro del Castillo said, adding that “We con­tinue to ig­nore neg­a­tive news. So it’s a con­flu­ence of pos­i­tive news lo­cal and over­seas.”

Sen­ti­ment was also said have been helped by the gov­ern- ment’s back­track­ing on Pres­i­dent Ro­drigo Duterte’s threat to ex­pel Euro­pean Union diplo­mats for al­legedly warn­ing that the Philip­pines could be booted out of the United Na­tions.

Regina Cap­i­tal Devel­op­ment Corp. mean­while, said stocks had traded pos­i­tively “on op­ti­mism that US eco­nomic data will em­bolden ex­pec­ta­tions of grad­ual rate hikes by the US Fed­eral Re­serve.”

Min­utes from the re­cent Fed­eral Open Mar­ket Com­mit­tee meet­ing showed that US cen­tral bankers were di­vided over rais­ing in­ter­est rates anew after do­ing so twice this year. Most,

how­ever, still fa­vor an in­crease and the ex­pec­ta­tion is that rates will be raised this De­cem­ber.

The re­lease of Septem­ber in time, is ex­pected to pro­vide an in­di­ca­tion of where the Fed could go in terms of pol­icy.

Sec­toral re­sults were mixed anew on Fri­day, mean­while, with fi­nan­cials the big­gest gainer at 1.92 per­cent and the min­ing and oil in­dex los­ing 0.84 per­cent.

Vol­ume turnover was thin at 862 mil­lion shares val­ued P9.55 bil­lion.

Losers out­num­bered win­ners, 106 to 91, while 45 is­sues were un­changed.

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