PH bourse hits new high, nears 8,300
THE local stock barometer explored new highs on Monday, now nearing the 8,300 level, as upbeat Wall Street trading boosted risk-taking across regional markets.
The main-share Philippine Stock Exchange index racked up 113.29 points or 1.39 percent to close at its intra-day high of 8,291.14. This marked the PSEi’s best ever finish and likewise set a new intra-day peak.
“The PSEi’s ascent was mostly in-step with gains in Wall Street and other Asian markets. We are pleased to see the momentum continuing behind investor optimism over the market’s prospects,” said PSE president Ramon Monzon.
“Shares continued their upward trajectory as an important trading week sees the end of the ghost month (on Tuesday) and the meeting of several central banks, including our own. Both S&P 500 and Dow finished at records, which also propelled the Philippines to new heights,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
In the US, Limlingan said the market would watch out for key economic releases alongside the statement following the September Federal Open Market Committee meeting, which would be released on Wednesday.
“In the Philippines, our BSP (Bangko Sentral ng Pilipinas) will hold their meeting on Thursday, September 21. We expect the BSP to leave policy rates unchanged, keeping the overnight reverse repurchase rate at 3 percent and the overnight deposit rate at 2.5 percent,” Limlingan said.
The day’s gains were led by the holding firm and property counters, which rose by 2.29 percent and 1.65 percent, respectively.
The financial and services counters also firmed up while the industrial and mining/oil counter slipped.
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