Defying forecasts that it may yield to a correction, the Philippine stocks index on Wednesday peaked to a new all-time high anew, almost reaching the 6,100-point resistance level.

Jovis Vistan, AB Capital Securities head of research, said that the new all-time high was driven by strong economic fundamentals in the Philippines.

“Market is riding on the positive momentum from the good start it had since 2013 entered, this is on the back of Philippine strong fundamentals and strong liquidity from investors,” he said.

Vistan also said that the market will most likely encounter resistance at 6,100, although a healthy correction may intervene starting today.

“I see healthy correction starting tomorrow [Thursday],” he said.

Astro del Castillo, managing director of First Grade Finance, however, said that a correction may still not occur since market liquidity, among other positive factors, is still very intact.

“Market liquidity is driving the index higher. The momentum is just unstoppable given the strong market liquidity and some good economic prospects,” he said.

The Philippine Stock Exchange index (PSEi) peaked to a new record, climbing 0.70 percent, or 42.28 points to 6,091.18, while the broader all-shares closed 0.57-percent higher, or 21.64 points to 3,835.29.

The PSEi also registered a new intraday high at 6,095.07 during the morning session.

 Meanwhile, all the sub-indices ended in the green, with mining and oil leading going up by 1.42 percent, or 291.97 points to 20,904.72.

The property counter, on the other hand, inched up by 0.90 percent, or 21.39 points to 2,387.49, followed by financials, which rose 0.78 percent, or 12.23 points to 1,588.76.

 Industrial also performed well, improving 0.74 percent, or 67.62 points to 9,216.22, while holding firms advanced by 0.58 percent, or 31.25 points. Services index was relatively flat with a 0.06-percent gain, or 1.08 points to 1,787.79.

Market breadth was positive with gainers beating losers, 109 to 73, while 32 shares were unchanged. On Tuesday, the index extended its record-run although just less than four points away from Monday’s close, climbing 0.07 percent, or 3.99 points to 6,048.90.

During the morning session on Tuesday, the index also soared high to a new intra-day record of 6.055.42. But the PSEi underwent a correction before registering another record on Tuesday.

The broader all-shares also advanced toward the end of Tuesday’s trading session, increasing 0.05 percent, or 1.94 points to 3,813.65.