(Updated 4:24 p.m.) The Philippine Stock Exchange neared the uncharted 6,200 territory, ending Monday's trade at a fresh all-time high on the back of good economic news overseas and investors positioning ahead of the earnings season.
The PSEi ended Monday up 24.78 points or 0.40 percent at 6,192.42, its tenth all-time high for this year.
Monday's close overshadowed the last all-time high of 6,171.70 notched on Jan. 21. The PSEi posted 38 records in 2012.
Broader all-shares index also increased by 0.43 pecent to 3,902.18 on Monday.
Most indices were in the green, except for services which fell by 0.55 percent.
Over 2.27 billion shares were traded at P9.062 billion. Winners overwhelmed losers 101 to 61, while 50 stocks were unchanged.
First Grade Finance Inc. managing director Astro del Castillo said, "The PSEi was on a new record, with value turnover being quite good.
"The increase was influenced by optimism overseas, with good economic news in Japan indicating that the global economy is getting better."
On Monday, Agence France-Presse reported that Japan unveiled its growth forecast of 2.5 percent for the fiscal year starting in April, higher than the estimate of one-percent growth for the current fiscal year to March.
Del Castillo, likewise, said that investors heavily bought stocks in Manila Electric Company (MER), BDO Unibank Inc. (BDO), Alliance Global Inc. (AGI), among others, ahead of the release of corporate earnings in the coming weeks.
"They're postioning ahead of corporate earnings," he noted. — BM, GMA News
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