The bellwether stock market index reached another all time high intraday and closing record of 7,586.67 on positive momentum and anticipation of full-year corporate earnings despite a weak morning trade due to lower US markets overnight.
The Philippine Stock Exchange index (PSEi) closed 0.50 percent or 37.74 points higher than Friday’s 7,548.93 points. The wider All Shares index also increased by 0.42 percent or 18.49 points to 4,421.91 points.
Jason Escartin of F. Yap Securities Inc. said that the market is still excited from last week’s announcement of European central bank’s (ECB) $69 billion bond buying program.
“The euphoria over ECB’s stimulus plan was balanced with results from Greece’s snap elections,” Escartin said.
Harry Liu, president of Summit Securities Inc., said in a phone interview that the market may continue to test the 7,600 points this week due to a lot of positive economic indicators locally and abroad.
Liu also said that full year corporate earnings are slowly creeping into the subconscious of investors, raising excitement over more favorable reports this year compared to lower than expected reports a year ago.
“I think possibility of hitting 7,600 is there. I think for the local market index, the pressure is upward looking barring a crisis,” Liu said.
Property and mining and oil were the only two subindices that declined by 0.49 percent and 1.66 percent, respectively, among the other gainer sectors led by financials which was up by 1.15 percent.
Energy Development Corp. was the sole active company that ended flat. The top three advancers were JG Summit Holdings Inc., Philippine Long Distance Telephone Company and Universal Robina Corp., while the active decliners were BDO Unibank Inc., Ayala Land Inc. and First Gen Corp.
Total traded volume was at 1.9 billion shares, valued at P8.22 billion. Losers were still ahead of gainers despite the new high, 97 to 88, while 44 issues were the same.
On Friday, the main PSEi advanced 1.79 percent or 132.62 points to 7,548.93, while the broader All Shares index jumped by 1.55 percent or 67.18 points to 4,403.42.