Phl stock index pierces 5,200-point level

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) pushed past the 5,200 level yesterday to record fresh all-time intraday and closing highs.

The PSEi closed at a new record high at 5,186.20, up 28.92 points or 0.60 percent, surpassing Tuesday’s record finish at 5,157.28. Intraday, the PSEi reached another record level at 5,219.29, beating Tuesday’s level at 5,186.52.

Year-to-date as of April 18, the PSEi has gained 814.24 points or 18.6 percent.

“Upbeat sentiment in the US and Europe helped sustain the market’s rally past critical technical levels. Likewise, expectations of improved first quarter earnings results from our listed firms have generated additional interest. With these new index levels, we hope more companies start looking at the stock market as a viable channel for capital raising,” PSE president and chief executive officer Hans B. Sicat said.

A total of 3.56 billion shares valued at P7.47 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 strong closure of the US market last night…” gave strength to the Philippine market on a “broad” range, including “properties, banking, and even mining stocks,” 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.