Philippine stock index breaks 9,000-pt barrier, ends at new record

January 26, 2018

The Philippine stock index set a new record close for the second straight day as trading picked up in the afternoon session to breach a key level. The Philippine Stock Exchange (PSE) index finished at 9,041.20 points, up 42.03 points. In the broader market, there were 110 gainers, 97 decliners and 52 shares unchanged. But volume reached 1.02 billion shares worth P7.83 billion from Thursday's 1.32 billion shares valued at P.8.88 billion. Foreigners were net sellers, with P3.84 billion sold and P3.59 billion bought.

“While the PSEi was unsuccessful in its two attempts earlier this week to break the 9,000 level, today the index finally penetrated this important mark. The journey to record territory reflects the high confidence investors have in our market,” said PSE President and CEO Ramon  Monzon in a statement.

Since the start of the year, the PSEi has broken through new record highs for a total of 8 times.

“We are hopeful that the market’s level will be sustained on the back of solid macroeconomic fundamentals and on expectations of upbeat corporate earnings from our listed companies. Our market is likewise in sync with regional bourses that have reached record highs this month,” Monzon added.

Most active shares included BDO Unibank, up 0.32 percent to P157.50; SM Investment Corp., up 3.64 percent to P1,140; Megawide, up 4.85 percent to P21.60 and Now Corporation, up 3.21 percent to P5.78. The peso closed at P50.84 against the US dollar from P50.819. At the Philippine Dealing System, volume amounted to $1.053 billion from $1.049 billion. DMS