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Business
Stock index breaches 5,600 for new record

Confidence within the local stock market remained evident on Tuesday as the Philippine Stock Exchange index (PSEi) made another record close, surging past 5,600 points.

It was the 30th time the stock index set a new record this year.

Astro del Castillo, First Grade Finance Inc. managing director, said that the surge was mainly driven by continued investors confidence towards the market.

Even if trading was halted at 11:12 a.m. yesterday from technical problems, del Castillo said that the market still managed to maintain its poise to post another record.

“Somehow, the trading glitches during the morning session dragged down the market to a lower close but still, it didn’t affect the composure of the market,” he added.

The PSEi closed with a 0.13-percent increase, or 7.03 points to 5,586.45, while the broader all-shares index climbed by 0.08 percent, or 2.92 points to close at 3,620.58.

In the morning, the index also reached a new intraday high, surpassing the 5,600 level, or to 5,615.62 at 10:30 a.m. before trading was halted from technical glitches.

According to the PSE, trading was halted at 11:12 a.m. and resumed at 1:45 p.m.

Services registered the largest advancement among the sub-indices, rising 1.22 percent, or 20.70 points to 1,721.20, followed by the property counter, which improved 0.33 percent, or 6.84 points to close at 2,092.18.

The financials counter also went up by 0.07 percent, or 1.01 points to close at 1,505.63, while the industrial counter rose slightly by 0.11 percent, or 9.97 points to 8,797.48.

Holding firms, and mining and oil, on the other hand, declined amid the positive market sentiment.

Mining and oil fell 0.78 percent, or 145.02 points to 18,575.95, while the holding firms counter ended flat with a 0.49-percent drop, or 23.80 points to close at 4,873.73.

Ionically, advancers were beaten by losers, 68 to 79, while 50 shares were unchanged.

On Monday, the exchange welcomed the week on a positive note, climbing to its 29th all-time high for the year on the back of the somewhat recovering weak global sentiments.

The PSEi opened the week’s trade with a 0.49-percent improvement, or 27.08 points to close at 5,579.42. The index also recorded an intraday high of 5,585.09 on Monday.

According to the PSE, the index rallied to a new all-time high after the Dow Jones Industrial Average went back past the 13,000-level for the first time on Friday (Manila time) since the US’ mid-term election.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36191-stock-index-breaches-5-600-for-new-record

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