Philippine stocks hit new record high

MANILA, Philippines - The country’s local stock index accelerated the pace of its growth following two consecutive days of moderate gains as it barreled its way through its 18th all-time high for the year.

The Philippine Stock Exchange index yesterday returned above the 7,800 territory for its third-day winning streak after climbing 0.92 percent or 71.32 points at 7,847.83.

The benchmark index’ record intraday high of 7,862.91 posted last February 25, however, remained unbeaten.

“Share prices got off to a rather jittery start to the mid-week session as US and Europe tumbled overnight and ahead of the inflation report on Thursday,” said Justino Calaycay Jr.

“As the session progressed, however, investors were able to muster enough confidence to push the measure past the latest all-time closing high, moving practically flat thenceforth,” Calaycay said.

Local stocks bucked the downtrend seen markets globally. Asian shares were mostly in the red in anticipation of the upcoming central bank meetings.

US stock indexes also fared lower overnight after hitting record highs earlier in the week.

Locally, all counters were in the green except for mining and oil firms which shed 0.38 percent. Property companies, meanwhile, led the charge for those which advanced as it gained 2.05 points.

“The market’s close at a new record hints at a restoration of the index to its former trajectory, represented by a narrowing, but rising trend channel,” Calaycay said.