The benchmark stock index stretched its bull run into a sixth day as it registered a new closing peak at 7,834.86 — its 16th all-time high so far this year — on strong market liquidity.
The Philippine Stock Exchange index (PSEi) closed up by 0.11 percent or 8.79 points at 7,834.86, while the All Shares index climbed by 0.29 percent or 13.06 points to 4,547.25.
The new level broke the 7,826.07 record close on Monday, February 23. Tuesday’s rise boosted the year-to-date gain to 8.4 percent.
“The market wants to accelerate as global volatility tempers down,” Bryan Gomez, co-head of investments at Citisecurities Inc., said.
“But for the next few days, we are biased toward a healthy correction first before the next leg of ascent,” he added.
Despite the US markets being mixed overnight, the majority of Asian markets closed higher, also posting some record highs in the past few days.
For his part, Justino Calaycay Jr. of Accord Capital Equities Corp. said, “The bulls just refuse to cave in despite building risk pressures emanating from the Greece debt narrative.”
He said the market refuses to be bugged by the issues in Greece and Ukraine, as well as the call for the change in government for its inability to respond effectively to the Mamasapano incident.
“Nevertheless, our discipline dictates at the very least a cautionary stance… The index is in clearly uncharted, or at best thinly-traded territory that suggesting target levels becomes even more challenging. This market will have to take a pause at some point and not knowing when that will be raises the risk ante even more,” Calaycay said.
“Consequently, given that the overall sentiment remains bullish, we are positioned to re-enter the market following a correction,” he added.
Out of the actively traded companies, SM Investments Corp. ended flat while losers were Jollibee Foods Corp., Philippine Long Distance Telephone Company, and Puregold Price Club Inc. The top gainers included SM Prime Holdings Inc., BDO Unibank Inc., Universal Robina Corp., Security Bank Corp., Ayala Land Inc. and Ayala Corp.
Shares traded reached 3.2 billion, valued at P9.63 billion. Decliners outnumbered advancers, 95 to 87, while the unchanged stood at 40.
On Monday, the PSEi recorded its intraday and closing highs — 7,854.80 for intraday and 7,826.07 for end trading — as it increased 0.009 percent or 0.68 points at the end of the session. The broader All Shares index, on the other hand, slipped by 0.06 percent or 2.87 points to 4,534.19.
Today (Wednesday) will be a normal trading day as no advisories were released for suspension of trading on the observance of 29th EDSA Anniversary.