Shares post gains as window dressing continues
STOCKS continued to climb on Thursday, pushing the Philippine Stock Exchange index (PSEi) to a fresh peak, as window dressing continued to lift the market for the fourth straight day.
The 30-member index rallied to 8,571.46 intraday before settling at 8,535.09 at the closing bell, still 0.52% or 44.18 points higher than the day prior.
This marks the bellwether index’s 13th record high for 2017, with yesterday’s finish the highest since its 8,519.82 close last Nov. 6.
The broader all-shares index likewise gained 0.44% or 22.19 points to 4,963.70.
“The Philippines broke ground as it zoomed past the 8,500 level, while succumbing to some resistance as it tried to reach a new all-time high,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
“Both Philippine and US stocks finished higher on their last trading sessions as window dressing is now under way,” Regina Capital’s Mr. Limlingan said.
The Dow Jones Industrial Average added 0.11% or 28.09 points to 24,774.30. The Nasdaq Composite Index inched up 0.04% or 3.09 points to 6,939.34, while the S&P 500 index firmed up 0.08% or 2.12 points to 2,682.62.
Asked if the market can reach another all-time high before the year ends, RCBC Securities, Inc. equity analyst Jeffrey Lucero noted there is strong resistance at the 8,600 level.
“The market may continue to receive a boost from window dressing, but probably not enough to push the index beyond 8,600,” Mr. Lucero said in a text message.
The holding firms counter was the lone index that ended with losses, dropping 0.16% or 13.97 points to 8,606.49.
The financial sector led Thursday’s gains with an increase of 1.29% or 28.16 points to 2,202.75, followed by the mining and oil sector which added 1.10% or 125.24 points to 11,510.51. Industrials added 0.79% or 88.46 points to close at 11,277.52; property rose 0.64% or 25.36 points to 3,975.86; while services climbed 0.25% or 4.11 points t 1,617.93.
The market saw a total of 764.75 million issues valued at P6.40 billion switch hands. This is almost twice the value turnover of P3.6 billion recorded on Wednesday.
Foreign buying ballooned to P1.25 billion against the P349.46-million net inflow logged last Wednesday.
Advancers outnumbered decliners, 107 to 105, as 38 issues remained unchanged after yesterday’s session.
Southeast Asian stock markets rose on Thursday, with Indonesia also hitting an all-time high and Malaysia scaling a three-and-a-half-month peak.
The Jakarta SE Composite Index climbed as much as 0.30% before paring the gains. The index, which had risen 18.5% this year as of Wednesday’s close, added 2.7% in the previous three sessions of gains.
Among other Southeast Asian stock markets, Malaysia extended gains into a second session and hit its highest since Sept. 19. — Arra B. Francia
