Index hits 10-month high on renewed optimism
By Iris Gonzales (The Philippine Star) | Updated June 8, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines – Optimism returned to the market yesterday with the benchmark Philippine Stock Exchange index breaching the 8,000 level anew and reaching a new high albeit just a point higher than Monday’s close.
The PSEi closed at 8,002.32, up 49.20 points or 0.61 percent after dipping back to the 7,900 level on Tuesday. It was also the highest since Aug. 10, 2016 when the index settled at 8,051.40.
The broader All Shares index, meanwhile, gained 19.96 points or 0.42 percent to finish at 4,760.27
All other sectors likewise closed in positive territory with the property index posting the highest gains.
This is the second time that the index closed above the 8,000 mark this year, after ending at 8,001.38 on Monday.
The highest recorded close of the benchmark index was on April 10, 2015 at 8,127.48.
Total value turnover reached P10.31 billion, with market breadth in the positive.
There were 120 advancing stocks compared to 86 decliners while 42 issues were left unchanged.
April Tan of COL Financial said in a commentary that prospects are “getting rosy” while other traders said there is optimism following the House of Representatives’ move to pass the government’s Comprehensive Tax Reform Program.
