SHARE prices commenced on the first trading day of the year, hitting new highs in early trading as investors went on a buying binge, carrying the momentum from last year.
The bellwether index soared 1.57 percent or 133.97 points to 8,692.39. The wider All Shares surged 1.08 percent or 53.76 points to 5,043.73.
“I think it’s basically the optimism over the new year and we were able to carry on the momentum during the last trading day of 2017,” Philstocks Financials, Inc. senior research analyst Justino Calaycay Jr. said.
The end of 2017 trading saw the stock market hitting its 12th record high to close at 8,558.42.
Calaycay further said some fundamentals also contributed to the gains in the market, including the implementation of the first package of the tax reform program, the high trust rating of the government, and its thrust on infrastructure projects.
All sectoral indices settled in the green led by holding firms, up 2.23 percent. ANGELICA BALLESTEROS