Breaking the 6,000 mark for the first time in the 86-year history
of stock trading in the country, Philippine shares on Monday closed at a
fresh record high on positive expectations over the economy.
Traders noted that foreign investors were heavy buyers during the morning and afternoon sessions.
The PSEi gained 73.46 points or 1.23 percent to 6,044.91 points.
The rally was also sustained in the broader all-shares index, which
rose 0.88 percent to 3,811.71 Friday. All indices were in positive
territory, led by mining and oil sector.
Over
3.3 billion shares valued at P8.51 billion were traded. Gainers
overwhelmed losers 107 to 71, while 39 stocks were unchanged.
Fueled by positive sentiment, the PSEi broke through the 6,000 level for the first time hitting 6,001.17 at 9:41 a.m. Monday.
Monday's close was the fourth consecutive record high notched by PSEi
since trading resumed on Wednesday, Jan. 02, after pausing for the New
Year holidays. The market lodged 38 all-time highs last year.
“The PSEi's bull-run was caused by follow through buying by investors.
There is heavy foreign buying on shares of Megaworld and Metro Pacific
Investments,” said Manny Cruz, Asiasec Equities Inc. market strategist.
Analyst Krizia Syquiapco at PAPA Securities Corp. said, “It's a
continuation of the rally last week. A lot of investors are already
positioning in the country – the core or underlying factor is the
expected strong economy.”
Analysts pointed out
that the Philippine economy will sustain a robust growth this year on
the back of increased infrastructure and election spending.
In early December, Socioeconomic Planning Secretary Arsenio Balisacan
projected the economy will expand at 6.5 percent last year, with the
government maintaining its 6 percent to 7 percent growth goal for 2013.
Both Cruz and Syquiapco expect the market to correct in the coming days. “The market is ripe for profit-taking,” said Cruz.
Syquiapco said the PSEi's immediate support levels are at 5,870 and 5,800. — VS, GMA News
0 comments:
Post a Comment