Bourse soars above 9000 on positive sentiment

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By Arra B. Francia, Reporter

PHILIPPINE shares climbed to a fresh peak on Friday as investors continued to be bullish on the country’s economic growth.

The 30-member Philippine Stock Exchange index (PSEi) rose 0.47% or 42.03 points to finish the week at 9,041.20. The broader all-share index was also up 0.33% or 17.05 points to 5,262.30.

This marked the PSEi’s eighth record high for 2018, after closing at 8,999.17 on Thursday. It was also its first time above the 9,000 level.

“In a see-saw trading session, the Philippine market ended Friday’s session in the green ahead of window dressing next week,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said.

Analysts noted the economy’s 6.7% expansion for full year 2017 continued to fuel investor sentiment, with the market poised to maintain its current level in the coming weeks.

“Sentiment was carried over from last night’s regional performances as well,” Mr. Limlingan added.

Overseas, the Dow Jones Industrial Average was up 0.54% or 140.67 points to 26,392.79; the S&P 500 index gained 0.06% or 1.71 points to 2,839.25, while the Nasdaq Composite index was down 0.05% or 3.89 points to 7,411.16.

At the PSE, four sectors moved to positive territory. Holding firms gained 1.02% or 94.69 points to 9,352.46, followed by property that increased 0.75% or 30.62 points to 4,122.44. Industrial sector added 0.14% or 16.73 points to 12,067.48, while services saw a 0.03% or 0.47-point uptick to 1,696.81.

The mining and oil sector meanwhile gave up 0.76% or 93.42 points to 12,189.62, while financials dropped 0.44% or 10.02 points to 2,255.09.

A total of 110 issues advanced, against 97 that declined and 52 names that remained unchanged.

Foreign investors turned sellers, with net sales at P242.25 million, against net inflows of P119.62 million on Thursday.

Shares in Megawide Construction Corp. led the most active stocks, adding 4.85% to P21.60 each. SM Investments Corp. shares added 3.64% to P1,140, while Ayala Land, Inc. was up 1.06% to P47.50 each.

Meanwhile, Metropolitan Bank and Trust Co. were among the stocks that declined, losing 2.31% to P101.30 each, while Megaworld Corp. shed 0.59% to P5.05 apiece.