The stock market started the week on a positive note by hitting a new all-time high, with investors who had taken their cues from Wall Street ignoring weak US jobs data.
The bellwether Philippine Stock Exchange index (PSEi) rose 0.68 percent or 56.50 points to settle at 8,367.38, topping the previous record of 8,344.05 hit last Wednesday, October 4.
The wider All Shares grew 0.42 percent or 20.48 points 4,909.92.
“The market rolls on the continuation of last week’s run. We saw decent volume on an up day,” AP Securities, Inc. trader Gerard Barboza said.
Continued bullishness, he added, “could see a better reception of the coming third quarter earnings season.”
This was echoed by Joylin Telagen, IB Gimenez Securities research head, who said that investors were repositioning ahead of the release of earnings reports.
Online brokerage firm Regina Capital Development Corp., however, said that technical indicators were already showing some weaknesses.
The average directional index is indicating that the upward trend is not strong enough to continue, Regina
Capital noted, adding that the “declining momentum is also visible from the RSI (relative strength index) and MFI (money flow index), which are pointing downwards.”
The services and industrial sub-indices were the only decliners on Monday, losing 0.24 percent and 0.10 percent, respectively.
Over 1.6 billion issues valued at P6.1 billion changed hands.
Losers led winners, 104 to 82, while 59 issues were unchanged.