Stocks rocket to new record on “very positive factors”

January 9, 2018

After pausing on Monday, the Philippine Stock Exchange Index rocketed to another record close on due to what a market analyst said was due to a "confluence of very positive factors"Tuesday. The index surged 178.60 points to 8,923.72 points. In the broader market, here were 118 gainers, 93 decliners and 47 unchanged. But volume was lower. Volume on Tuesday reached 705.3 million shares worth P7.05 billion from Monday's P1.09 billion shares valued at P7.07 billion. Foreigners were net buyers, with P4.488 billion worth of shares bought and P3.069 billion worth of stocks sold. Most active shares were led by Ayala Land, up 2.65 percent to P46.40; Universal Robina Corp., up 6.45 percent to P174.70; SM Investment Corp., up 2.05 percent to P1,046, and BDO Unibank, up 5.31 percent to P164.60. "There is a confluence of very positive factors that will keep the market going towards the target of around 9,450 for the year," said Ramon Kabigting, head of research at Papa Securities, in an interview with ANC. "I am looking at 11-12 percent ( for the index). We should easily do this this year," added Kabigting. The peso ended at P50.29 against the US dollar from P50.15 on Monday. Volume at the Philippine Dealing System reached $917.20 million from $797.10 million the previous day. DMS