Stock market tops 8,400, hits fresh record high


The stock market notched another record close on Thursday, powering past the 8,400 resistance level as investors took their cues from positive news abroad.

The bellwether Philippine Stock Exchange index (PSEi) gained 0.53 percent or 44.34 points to finish at 8,402.81, while the wider All Shares grew 0.42 percent or 20.40 points to close at 4,928.28.

“Loud cheers were heard again in the trading floor. Big smiles again today for investors. Our market continues to be caught in the wave of optimism in the global market,” First Grade Finance, Inc. Managing Director Astro del Castillo said.

“Record close in New York, big jump in most equities market worldwide and a string of positive news in the country kept local investors pushing the market to the 8,400 level,” he added.

Regina Capital Development Corp. in a note, said the market resumed an upward trajectory “as the minutes from the FOMC (Federal Open Market Committee) meeting confirmed what was on many analysts’ minds.”

“Accordingly, we continue to place the subjective odds of a December [US Fed rate] hike at 80 percent,” it added.
Sectoral results were mixed with services and financials posting declines.
Over 3 billion issues valued at P8.2 billion changed hands.

Losers led winners, 122 to 82, while 48 issues remained unchanged.


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