PSEi breaches 8,400 to close at record high
Philippine share prices climbed to breach the 8,400 level and mark new record highs on Thursday as market players resumed buying in select stocks.
"The investing public is buying," Harry Liu, President at Summit Securities Inc., said. "We are also taking the cue from the sentiment overseas. If the US market is strong and steady, we should follow," he noted.
The main PSEi rose by 44.34 points or 0.53 percent to 8,402.81, the highest since the index closed at 8,398.04 on Tuesday. The broader All Shares gained 20.40 points or 0.42 percent to 4,928.28 at the closing bell.
A report by Reuters noted most regional markets took the cue from Wall Street, where major indexes rose to another set of record highs.
Liu noted the market is now likely searching for a positive catalyst to rise beyond current levels."It's possible as long as there's something new today, tonight, or tomorrow," he said.
The market is now closely watching if the Senate will approve the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) before it goes on a break.
Foreign funds bought P4.668 billion of shares during the session and sold P4.420 billion for a net buying position of P247.238 million.
More than 3.000 billion shares, valued at P8.209 billion, changed hands. Losers led decliners, 122 to 82, in the broader market, and 48 issues traded unchanged.
(GMA News Online)