Stock index set new all-time high close
Stocks set a new all-time high on Tuesday in line with a similar record close at Wall Street on Monday.
The Philippine Stock Exchange index finished above 8,300 mark for the first time, as it closed at 8,312.93, up 56.65 points from Monday.
Our markets soared to a new high today climbing further into record territory in sync with US markets also hitting new highs in yesterday’s closing. Investors continue to remain bullish about the prospects of the Philippine economy,” said PSE president and chief executive officer Ramon Monzon in a statement.
The index's former all-time mark was 8,294.14 points on Sept 18.
Manny Ocampo, director for corporate finance of Abacus Investment Corp., said in an interview with ABS-CBN News Channel that: "The only thing that throws caution to the wind is the Q3 numbers this upcoming week."
He added that the Senate version of the tax reform package is "still a concern . There's nothing that leads us to believe that we've turned corners."
Ocampo said foreign buying by Singaporean fund GIC into Energy Development Corp. boosted foreign inflows. "Without that we would've been negative on fund flow," he added.
The All Shares index also posted gains, up by 24.64 points or 0.5 percent to 4,892.00. Five of the six sectoral indices were in the green with the Services and Financials sectors posting gains of over 1.0 percent.
In the broader market, there were 105 gainers, 94 decliners and 55 issues unchanged. Volume reached 1.47 billion shares worth P7.25 billion.
Most actively traded shares were led by BDO Unibank, up 1.69 percent to P132.20, Robinson Retail Holdings, up 5 % to P105.
The peso closed at P51.05 against the US dollar from P51.08. Volume at the Philippine Dealing System reached $792.80 million from $888 million. DMS