New stock market record just short of 8,400

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The stock market hit another all-time high on Tuesday, with the bellwether Philippine Stock Exchange Index (PSEi) gaining 0.37 percent or 30.66 points to finish at 8,398.04.

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The broader All Shares grew 0.26 percent or 12.79 points to close at 4,922.71.

Summit Securities, Inc. President Harry Liu cited moves to eliminate corruption in the government, particularly a just-announced clean-up at the Bureau of Customs.

The expected passage of the proposed Tax Reform for Acceleration and Inclusion Act also helped, though an 18-point drop in President Rodrigo Duterte’s trust approval ratings had tempered gains.

“But basically, as long as there is no heavy volume pouring out, we will be going upward ahead,” Liu said.

AP Securities, Inc. trader Gerard Barboza, meanwhile, said: “We may expect the run up to the earnings season gradually as the market will continue to hinge their bets on companies that benefit heavily from the tax reform.”

First Grade Finance, Inc. Managing Directro Astro del Castillo also noted that that investors were continuing to ignore a weakness in Wall Street.

“However, there are already signs of weakness in the index given the low value turn over and more stocks took profit today,” del Castillo said.

Sectoral results were mixed on Tuesday with mining and oil, property, and industrials posting declines.
More than 1.6 billion shares valued at P7.17 billion were traded.

Losers led winners, 103 to 91, while 51 issues were unchanged.

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