14th record close this year
The stock market ended a record-breaking week of sustained daily ascent to closing highs, pushed further on Friday by positive sentiment on the drop in global oil prices.
The benchmark Philippine Stock Exchange index (PSEi) gained 0.28 percent or 21.94 points to settle at its highest level ever of 7,825.39 on Friday, the 14th time this year it closed at a record high. It broke its previous record finish of 7,803.45 hit on Wednesday, the last day before trading was suspended for the Lunar New Year celebrations on Thursday.
The All Shares index was up 0.14 percent or 6.30 points at 4,537.06.
The market has climbed up from 7,773.45 points a week ago, in step with the Asian markets’ rise.
“The strong performance of other Asian markets, as well as the sharp drop in oil, fueled positive investor sentiment toward Philippine stocks,” said Miguel Agarao, investment analyst at Wealth Securities Inc.
The benchmark Brent and US crude futures fell about 5 percent on Wednesday, US time, to $60.21 and $51.16 per barrel, respectively.
“Expect the market to remain strong next week as the MSCI rebalancing is completed,” Agarao said, referring to the Global Equity Indexes.
Among the most actively traded stocks were decliners D&L Industries Inc., Unioil Resources and Holdings Company Inc., Metropolitan Bank and Trust Company, and Robinsons Retail Holdings Inc; while the top gainers included Universal Robina Corp., Federal Resources Investment Group Inc., Energy Development Corp., Ayala Land Inc., Ayala Corp. and Lopez Holdings Corp.
Trade volume totaled 4.11 billion, valued at P6.88 billion. Advancers outnumbered decliners 90 to 83, while 51 issues closed unchanged.