The stock market started 2018 on an auspicious note, breaching the 8,700 level for the first time to set a new all-time high.
The bellwether Philippine Stock Exchange index (PSEi) added 165.71 points or 1.94 percent to close at 8,724.13, topping the previous record of 8,558.42 hit during the last trading day of last year.
The wider All Shares, meanwhile, grew by 1.30 percent or 64.68 points to finish at 5,054.65.
“I think it’s basically the optimism over the new year and we were able to carry on the momentum during the last trading day of 2017,” Philstocks Financials, Inc. senior research analyst Justino Calaycay Jr. said.
Also contributing to the market’s gains, he added, were the implementation of the Tax Reform for Acceleration and Inclusion (Train) Act, confidence in the government and prospects for its ambitious infrastructure program..
A Regina Capital Development Corp. analyst, meanwhile, said investors were ‘continuing to make their bets on issues they believe will outperform for the rest of the year.”
All sub-indices settled in the green on Wednesday, with holding firms gaining the most by 2.95 percent.
Over 712 million issues valued at P7.28 billion changed hands.
Winners led losers, 118 to 102, while 38 issues were unchanged.