Philippine shares rose as foreign funds added momentum to an already upbeat trade on positive reaction to interest rates being kept steady by the central bank and end-quarter window-dressing by some investors, driving the main index past the 8,000-point mark to a new record.
The benchmark Philippine Stock Exchange index (PSEi) hit an intraday high of 8,007.98 points before closing at 7,899.41 – an all-time high. The index gained 0.27 percent or 21.45 points in Monday’s trade to mark the 22nd time this year it posted a record finish.
“The market is now on its record high due to momentum buying. This has persisted since last week on the back of the decision of the Monetary Board to maintain low interest rates, as well as the flow of funds from foreign investors and buyers in the morning,” Astro del Castillo, First Grade Finance Inc. managing director, said in a brief phone interview.
Total volume was 920.81 million shares, valued at P7.59 billion.
KRISTYN NIKA M. LAZO