PSEi closes at new all-time high on ‘new wave of optimism’
Shares on the Philippine Stock Exchange closed mostly higher in active trading Wednesday, buoyed by a positive outlook for the country coupled with overnight gains on Wall Street. “Supportive local market data are pushing markets higher, including low inflation, recovering exports, and strong remittances,” said Jonathan Ravelas, chief market strategist at BDO Unibank.
“All of this… creating a new wave of optimism,” Ravelas added.
The main PSEi took on 28.92 points or 0.56 percent to close at a new all-time high of 5,186.20.
More than 3.562 billion shares valued at P7.466 billion were traded during the morning and afternoon sessions.
Winners led losers 102 to 75, with 31 issues closing unchanged.
“There was a bit of a sell-off toward the end", but the Philippine market was buoyed on a "broad" range —including “properties, banking, and even mining stocks”— by "the strong closure of the US market last night,” said Juanis Barredo, vice president for sales at Citiseconline.com Inc.
On the domestic front, Barredo noted the government’s public-private partnership program is expected to provide good corporate flows, while most companies are more financially solid now than they were several years back. Plus, foreign investment flow, he added.
“We are still looking at good fundamentals toward the year end,” He added. —GMA News
“All of this… creating a new wave of optimism,” Ravelas added.
The main PSEi took on 28.92 points or 0.56 percent to close at a new all-time high of 5,186.20.
More than 3.562 billion shares valued at P7.466 billion were traded during the morning and afternoon sessions.
Winners led losers 102 to 75, with 31 issues closing unchanged.
“There was a bit of a sell-off toward the end", but the Philippine market was buoyed on a "broad" range —including “properties, banking, and even mining stocks”— by "the strong closure of the US market last night,” said Juanis Barredo, vice president for sales at Citiseconline.com Inc.
On the domestic front, Barredo noted the government’s public-private partnership program is expected to provide good corporate flows, while most companies are more financially solid now than they were several years back. Plus, foreign investment flow, he added.
“We are still looking at good fundamentals toward the year end,” He added. —GMA News
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