Philippine shares forged ahead in a fifth record-breaking run this year on Tuesday and drove the main index past the 7,600-point mark as analysts had predicted for this month.
The Philippine Stock Exchange index (PSEi) gained 43.90 points or 0.58 percent to an all-time closing high of 7,630.57, shooting up as high as 7,631.85 intraday, which is also a record. The wider All Shares index added 18.75 points or 0.42 percent to finish at 4,440.66.
The new levels broke the previous intraday and closing high of 7,586.67 reached on Monday, the fourth all-time highs set this year alone.
“Investor interest continues to be fueled by expectations of good 2014 economic data and revenue growth. We are also pleased to note that fund managers remain upbeat about the market’s prospects,” PSE President and Chief Executive Officer Hans B. Sicat said.
Astro del Castillo, First Grade Finance Inc. managing director, said in a telephone interview that the market’s advance was a result of an “accumulated stream of good news here and abroad.”
“I think the stream of good news continues to push the market — expected good GDP [gross domestic product], investors (being) optimistic ahead of corporate earnings, and positive international news like the move of the European central bank [on its $69-billion (monthly) bond-buying program],” Del Castillo said.
“The market still has got momentum. It will be positive, it can still climb in the next few days. After the corporate earnings season, we may see profit-taking that will lead the market into a consolidation,” he added.
The mining and oil and services index fell, but the four other subindices leaped, led by financials with a 1.62 percent gain.
JG Summit Holdings Inc. and Philippine Long Distance Telephone Company were the sole decliners among the actively traded issues, while the top gainers included Security Bank Corp., Metropolitan Bank and Trust Company, SM Investments Corp. and Bloomberry Resorts Corp.
Total volume stood at 2.3 billion shares, valued at P11 billion. Advancers outnumbered decliners 104 to 91, while 28 counters were unchanged.
On Monday, the bellwether PSEi closed 0.50 percent or 37.74 points higher at 7,586.67, while the broader All Shares index rose 0.42 percent or 18.49 points to 4,421.91 points.