Stocks end week in record ter­ri­tory

The Philippine Star - - BUSINESS - IRIS GON­ZA­LES

The stock mar­ket reached a new high yes­ter­day, clos­ing the trad­ing week on a strong note due to strong for­eign buy­ing, an­a­lysts said.

The bench­mark Philip­pine Stock Ex­change in­dex hit a new record high of 8,447.94, up 45.13 points, or 0.53 per­cent, while the broader All Shares in­dex gained 9.83 points, or 0.19 per­cent, to fin­ish at 4,938.11.

To­tal value turnover was ro­bust at P9.56 bil­lion but mar­ket breadth was neg­a­tive, 106 to 91 while 45 is­sues were left un­changed.

Traders said mar­ket op­ti­mism was strong, with for­eign in­vestors con­tin­u­ing to park their funds in the lo­cal eq­ui­ties mar­ket.

The eco­nomic team’s road­show in New York is also en­cour­ag­ing in­vestors. So­cioe­co­nomic Plan­ning Sec­re­tary Ernesto Per­nia said yes­ter­day the eco­nomic brief­ing in the US was well re­ceived.

In­vestors ex­pressed in­ter­est in the plans of the Duterte ad­min­is­tra­tion and this would likely trans­late to more for­eign di­rect in­vest­ment in­flows, Per­nia said.

Com­ment­ing on yes­ter­day’s ses­sion, Luis Lim­lin­gan of Regina Cap­i­tal said, “Philip­pine stocks traded in fresh new ter­ri­tory on op­ti­mism that US eco­nomic data will em­bolden ex­pec­ta­tions of grad­ual rate hikes by the Fed­eral Re­serve.“

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