By Madelaine B. Miraflor Reporter
The benchmark Philippines stock index pierced through 7,400-point territory before ending with its 31st record, as upbeat market fundamentals kept luring more investors to invest in listed shares.
On Wednesday, the Philippine Stock Exchange index (PSEi) breached the 7,400-point mark for the first time, amid the peaceful conduct of senatorial polls, bullish corporate earnings and optimism overseas.
The PSEi further gained 78.74 points toward 7,392.20 at the end of Wednesday’s trading session. This after it posted a new intraday high of 7,403.65 in the afternoon.
Astro del Castillo, First Grade Finance managing director, said that the market reached its 31st all-time high because of a confluence of events.
He said that drivers for the rally include strong first-quarter earnings reported by listed firms, and the peaceful conduct of the elections.
Overseas, del Castillo mentioned that investors are also optimistic toward the Dow Jones, which was also on a record-breaking run.
BDO Chief Market Strategist Jonathan Ravelas said that the market’s gains continued to be influenced by the dominance of administration candidates in the recently concluded elections.
Del Castillo added, however, that investors may be starting to take profit and this may become more evident before the end of the trading week, after noting that losers outpaced gainers at the close of the session.
The property and industrial sectors, meanwhile, led the advance, while the mining and oil index as well as the service counter declined.
Losers outnumbered gainers 88 to 73, while 51 issues were unchanged.
Volume remained high with 2.88 billion shares traded worth P10.58 billion at the end of the afternoon session.
On Tuesday, the PSEi broke through its 30th all-time high, breaching the 7,300-point mark for the first time in the local stock market’s history.
The local index rose by 0.70 percent, or 51.08 points to 7,313. There was no trading on Monday to pave way for the midterm polls.