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Business
Local stock index extends record run

While there were forecasts that Philippines shares are headed for a correction this week, the Philippine Stock Exchange index (PSEi) extended its upward trend and rushed to its 33rd all-time high.

The PSEi surged by 0.57 percent, or 32.25 points to 5,672.70, while the broader all-shares index closed at around 3,661.12, an improvement of 0.60 percent, or 21.70 points. Value turnover hit P10.74 billion.

“Favorable economic data and better prospects for next year are fueling the momentum. The market is just like Santa Claus who has a sleigh load of money, it will be difficult to stop him given the economic conditions,” Astro del Castillo, managing director of First Grade Finance Inc. said.

Jonas Ravelas, first vice president and chief market strategist of Banco de Oro Universal Bank, on the other hand, said that the market remains on the upbeat and digesting strong economic growth numbers.

“This supports consumer sector, banks, and property stocks,” he added.

Harry Liu, president of Summit Securities Inc., however, noted that if this upward momentum persists, there might be a technical correction in the market by year-end.

Most of the sub-indices were also buoyant with financials climbing more than 1 percent, or 25.63 points to 1,513.93, followed by the property counter, which inched up by 1.29 percent, or 27.67 points to 2,181.04.

The holding firms counter was also positive, climbing by 0.60 percent, or 29.59 points to 4,985.81, while the industrial sector rose to 0.50 percent, or 43.85 points to 8,847.16.

Services, on the other hand, declined by 1.04 percent, or 17.97 points to 1,716.61, followed by mining and oil, which was down by 0.90 percent, or 162.98 points to 17,880.15.

Surprisingly, decliners edged losers, 79 to 75, while 49 shares were unchanged.

In the previous week, the PSEi rose 88 points at 5,640.45 (+1.6 percent week-on-week), while turnover during the four-day trading session was up 22 percent at P7.6 billion on average, although net foreign selling was registered at P182 million. Market breadth tilted toward bears 84-72.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36601-local-stock-index-extends-record-run

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