PSEi closes at new all-time high

Philippine share prices maintained a winning streak for the eighth consecutive trading days on Friday to mark a fresh all-time on the PSEi, buoyed by market optimism for 2018.

The benchmark PSEi gained 30.17 points or 0.35 percent to 8,770.00 at the closing bell. The broader All Shares increased by 16.57 points or 0.33 percent to 5,076.32.

“This is still part of the momentum carried over the recent days due to optimism for this year. And there has been no ... negative reason for market players to get out of the market,” Justino Calaycay Jr., senior research analyst at Philstocks Financial Inc., told GMA News Online.

The consensus among analysts point to bullish sentiment for 2018.

COL Financial chief technical analyst Juanis Barredo noted “bullish perceptions for 2018” have been driving the market.

“Hopefully, government spending can ramp up to support business and rising valuations,” Barredo said.

During the morning session the PSEi breached the 8,800 level to close at 8,830.76. The market also established a new intraday high of 8,858.07,

As the market closed lower after establishing a new intraday high, Calaycay noted some investors booked gains as the technical signals pointed to over-bought levels.

“Investors took profits and tempered gains at the close,” Joylin Telagen, IB Gimenez Securities Inc. head of research, said.

Foreign funds bought P5.451 billion of shares during the session and sold P4.559 billion for a net buying position of P892.180 million. Total foreign transactions amounted to P10.010 billion, including trades in dollar-denominated securities.

More than 779.521 million shares valued at P10.572 billion, changed hands in the broader market. Advancers led decliners, 126 to 87, and 51 issues were unchanged.

Renz Cruz, analyst at Regina Capital Development Corp., noted a large chunk of transactions centered on blue chip stocks such as Universal Robina Corp., JG Summit, and San Miguel Corp.

“The value of these blue chips have spiked, and yet there are a limited number of stocks to be traded, so the high value turnover and thin volume,” Cruz said.

Week-on-week, the PSEi gained 211.58 points or 2.47 percent from 8,558.42 on December 29, the last trading day of 2017. — VDS, GMA News