The local stock market finished the week by soaring to its 26th all-time high as first quarter 2013 corporate results lightened up the mood of investors.
“Corporate results and prospects continue to energize investors. Blue chips led the market in Friday’s trading,” Astro del Castillo, First Grade Finance managing director, said.
Jonathan Ravelas, chief market strategist of BDO Unibank Inc., on the other hand, said that share prices moved sideways this week as investor sentiment gyrated from risk off to risk on.
“This advance also occurred as market players reacted to international events and first quarter of 2013 earnings report from Wall Street,” he said.
Ravelas, added, however, that local players took the recent weakness as an opportunity to bargain hunt ahead of the 1st quarter reporting season, which could lead to profit-taking the moment the index peaks again.
The Philippine Stock Exchange index (PSEi) reached its 26th all time high before the week finally ended, rising 1.45 percent, or 99.62 points toward 6,957.10.
According to Hans Sicat, president of the Philippine Stock Exchange, there was healthy trading values of over P12.1 billion on Friday’s session, and that this is on the back of continued optimism.
Moreover, the broader all-shares index inched up by 1 percent, or 42.95 points to end at 4,348.67.
It was also a buoyant end for all of the sub-indices as some of them went up further, while others recovered.
The property counter soared 2.21 percent, or 61.62 points to 2,849.60, while services climbed 1.92 percent, or 38.29 points
Holding firms also improved, adding 1.21 percent, or 74.58 points to 6,255.72, while financials grew 1.16 percent, or 20.42 points to 1,783.48. Mining and oil increased by 0.48 percent, or 99.45 points to close at 20,802.58, followed by industrial, which expanded by 0.13 percent, or 14.05 points to 10,557.42.
The gap between advancers and decliners also widened, 108 to 44, while 55 shares were unchanged.
On Thursday, the PSEi went up further from Wednesday’s recovery, rising 0.10 percent, or 7.22 points to 6,857.48, while the broader all-shares index climbed 0.15 percent, or 6.68 points to 4,305.72.