MANILA, Philippines - The stock market rallied to a new high today following the rise of the US equities.
The bellwether Philippine Stock Exchange index rose by 0.52 percent or 41.08 points to 7,940.49, while the broader all-share index added 0.22 percent or 9.96 points to 4,560.17.
Trading volume reached 3.3 billion shares worth P6.96 billion ($155.37 million) with 117 stocks declining, 66 advancing, and 37 unchanged.
Three of the six counters bucked the trend. They were financials, mining and oil, and services sector.
"The PSEi managed to extend its gains for a fifth straight day on positive news coming out of US, Europe, and China. We are optimistic that the continuous flow of good news locally and from overseas will provide basis for the sustained growth of not only the index but overall market activity," President and CEO Hans B. Sicat of the Philippine Stock Exchange index (PSEi) said.
The PSEi closed above the 7,900 level for the first time in history, although this is still below the intra-day high of 8,000 it touched last Monday.
Online brokerage 2TradeAsia.com said investors took their cue from the 263-digit rise of the Dow Jones industrial average index after the government reported that personal income and outlays rose by four percent last February.
Likewise, confidence in the local economy continues to spur gains to the 8,000 level, it said.
"Sellers however may seize upon the chance to lock-in their paper gains following the optimism that allowed the index to reach record highs," 2TradeAsia.com said.
It noted that the upcoming Holy Week might prompt investors to take the safer position.
Today's advance brings the market's gain for the first three months of the year to 9.8 percent.
The PSEi has had 23 record finishes and 17 intraday record high instances since the start of the year.
Stocks in the 30-company index closed mixed. Among the favorites were Ayala Corp. and Gokongwei-led Univeral Robina Corp. Investors however continue to unload Globe Telecom, Inc. and Metropolitan Bank and Trust Co. shares.