Bourse recovers to close at 2018’s 7th record high

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By Arra B. Francia, Reporter

THE MAIN INDEX managed a technical rebound to close at 2018’s seventh record high on Thursday — even as it again stopped short of 9,000 — after taking a breather in the wake of the previous peak marked  last Tuesday.

The Philippine Stock Exchange index (PSEi) gained 78.94 points or 0.88% to close 8,999.17, while the all-shares index went up 39.56 points or 0.76% to 5,245.25.

RCBC Securities, Inc. noted in its Stock Market Daily Recap report that “[t]he PSEi opened higher, moved into negative territory towards noon break and upon resumption of trading in the afternoon, but steadily climbed and spiked at the close.”

“I think it’s just really a technical behavior of the market:  nothing of the fundamental reasons that’s supporting this,” Summit Securities, Inc. President Harry G. Liu said by phone yesterday.

Asked on chances PSEi will finally breach the 9,000 mark, Mr. Liu replied: “I feel strongly soon that we will be able to reach that. Tomorrow probably, there’s a very big possibility.”

Thursday’s list of the 20 most active stocks showed 12 gained, led by Bloomberry Resorts Corp. that surged 8.09% to P12.82 apiece and including LT Group, Inc. that went up by 5.78% to P23.80; Jollibee Foods Corp. that added 3.90% to P293; Robinsons Land Corp. which was up 3.85% to P21.60 and Megawide Construction Corp. that increased by 3.52% to P20.60 each.

The six stocks that sank were led by Alliance Global Group, Inc. and SM Prime Holdings, Inc. that dropped 1.25% to P15.80 apiece and by 1.03% to P38.50 each.

Many of PSEi’s counterparts elsewhere in Asia succumbed to weakness in the wake of falls by the S&P 500 (by 0.06%) and Nasdaq Composite (by 0.61%) indices.

Japan’s Nikkei 225 and Topix index, Hong Kong’s Hang Seng Index, the Shanghai Composite Index and the Straits Times Index fell by 1.13%, 0.88%, 0.92%, 0.31% and 1.01%, respectively, while the Jakarta Composite Index closed relatively flat and South Korea’s Kospi gained by 0.95%.

Locally, all sectoral indices gained, led by mining and oil that surged by 472.22 points or 3.99% to finish 12,283.04, followed by holding firms that went up by 121.33 points or 1.32% to 9,257.77; services that rose by 20.85 points or 1.24% to 1,696.34; industrials that increased by 114.40 points or 0.95% to 12,050.75; property that edged up by 14.56 points or 0.35% to 4,091.82; and financials that inched up by 1.36 points or 0.06% to 2,265.11.

Stocks that advanced outnumbered those that fell by 116 to 105, while 41 others were flat.

Volume improved, with 1.32 billion shares worth P8.88 billion changing hands compared to Wednesday’s 896.77 million shares worth P8.46 billion.

Foreigners reverted to buying mode with P119.62 million in net purchases marking a turnaround from Wednesday’s P47.28-million net sales.