Stocks end week in record territory
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.“