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Stocks climb further at 2017’s close

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PSE Electronic Board showing the PSEi at its record close of 8,558.42.

STOCKS continued their upward trajectory on Friday, pushing the main index to book another record finish.

The 30-member Philippine Stock Exchange index posted a 0.27% or 23.33-point climb to finish the year at 8,558.42. This is the 14th time the bourse was able to record an all-time high for 2017.

The broader all-shares index likewise gained 0.52% or 26.27 points to close at 4,989.97.

“Market continued its uptrend as window dressing persisted after strong government spending with revenues up on double digits plus sustained foreign investors’ inflow on the positive infrastructure program of the government after the approval of TRAIN (Tax Reform for Acceleration and Inclusion),” Diversified Securities, Inc. equities trader Aniceto K. Pangan said in a text message.

The index moved in step with its international counterparts, as Wall Street’s main indices were mostly up overnight. The Dow Jones Industrial Average added 0.26% or 63.21 points to 24,837.51. the S&P 500 index gained 0.18% or 4.92 points to 2,687.54, while the Nasdaq Composite Index also climbed 0.16% or 10.82 points to 6,950.16.

“Philippine shares closed at another record to end the year even though US stock trading has been muted as investors have little incentive to make decisive bets on assets perceived as risky in the penultimate session of trade ahead of the New Year’s holiday on Monday,” Regina Capital Development Corp. Head of Research and Sales Luis A. Limlingan said.

Sectoral indices ended mixed, with four increasing and the other two declining. Financials led the day’s gains with a 1.24% jump or 27.42 points to 2,230.17. Holding firms and services both gained 0.11%, adding 10.02 points to 8,616.51 and 1.91 points to 1,619.84, respectively. The property sector also edged up by 0.05% or 2.33 points to 3,978.19.

On the other hand, industrials declined 0.41% or 46.22 points to 11,231.30, while mining and oil gave up 0.06% or 7.93 points to 11,502.58.

A total of 3.34 billion issues valued at P7.26 billion changed hands, higher than the P6.4-billion turnover recorded on Thursday.

Gainers trumped losers, 115 to 94, while 45 names closed flat.

Net foreign buying once again breached the P1-billion mark to close at P1.79 billion on Friday from Thursday’s net inflow of P1.25 billion. — Arra B. Francia