The year’s final trading day saw the stock market hitting a new record high, which analysts said could set the stage for further gains in 2018.
The bellwether Philippine Stock Exchange index (PSEi) rose for the third straight session, adding 23.33 points or 0.27 percent to close at 8,558.42. The previous peak was hit just the other day.
The broader All Shares, meanwhile, rose by 0.53 percent or 26.27 points to finish at 4,989.97.
“I guess moving forward going to 2018, it sets a good tone for trading when we resume next year. I think it’s the perfect testimony to what the year has been,” Philstocks Financials, Inc. senior research analyst Justino Calaycay Jr. said.
Among the events to look forward to, Calaycay said, are the implementation of the recently passed Tax Reform for Accleration and Inclusion (Train) law and the government’s ambitious infrastructure program.
“It’s shaping up to be a positive year in 2018 [and]that’s what we are gearing up for,” Calaycay said.
Traditional year-end window-dressing also contributed to the optimism, he added.
For his part, Philippine Stock Exchange Chief Operating Officer Roel Refran said the high was “a reflection of the confidence of investors … on the Philippine [markets].”
“We can only improve from here because next year will be a milestone year. Not only are we looking to move to our new office, but really it’s building on the foundation that we have established. New products, hopefully, for investors to tap the capital markets,” Refran said.
Most sub-indices closed in the green on Friday, led by financials that gained by 1.24 percent. The industrial and mining and oil sectors were the only decliners.
Over 3.3 billion issues valued P7.26 billion were traded
Winners outnumbered losers, 115 to 94, while 45 issues were unchanged.