Poll outcome fuels PSEi surge to new record


By Madelaine B. Miraflor Reporter

Amid the relatively peaceful conduct of senatorial polls on Monday, the Philippine stock index went past the 7,300-point level on Tuesday and attained its 30th all-time high.

Ed Francisco, BDO Capital and Investment Corp. president, said in a text message that in anticipation of long weekend, many investors sold some holdings but with smooth peaceful elections, investors came back.

The Philippine Stock Exchange index (PSEi) welcomed the shor­tened trading week on Tuesday by surging to its 30th record, rising 0.70 percent, or 51.08 points to 7,313. There was no trading on Monday to pave way for the midterm election.

According to Astro del Castillo, First Grade Finance managing director, the surge of the PSEi to a new record was just a spill over from the buying momentum from last week and the peaceful conduct of the election. He added that the market trend remains sideways, just on an upward bias.

For his part, Ismael Guerrero Cruz, president of IGC Securities Inc., said that the Philippine stock market remains robust and the better economic fundamentals are off to stay for long in the country.

The wider all-shares index gained 18.44 points to 4,535.86, or by 0.41 percent.

Majority of the sectors were able to ride on the upsurge of the benchmark index, with services rising 1.60 percent, or 34.07 points to 2,168.11, followed by financials, which was up 1.24 percent, or 23.20 points to 1,895.06.

Industrial, on the other hand, gained 60.39 points, or 0.55 percent to 10,994.01, while property closed with a 0.41-percent increase, or 12.30 points to 2,991.49.

Mining and oil, however, went down 2.59 percent, or 506.53 points to 19,020.77, while holding firms registered a 0.05-percent decline to 6,576.71.

Advancers and decliners were tied, 81 to 81, while 50 issues were unchanged.

In the previous week, the market closed 67.95 points higher toward 7,262.38, for the 29th all-time high this year.


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