PSEi tops 8,900 to carve new all-time high

Philippine shares breached the 8,900 level on the PSEi to carve a new all-time high on Tuesday, riding on positive sentiment from overseas markets.

The benchmark PSEi surged by 178.60 points or 2.04 percent to 8,923.72—the highest since closing since finishing at 8,770.00 on Jan. 5, 2017.

The broader All Shares climbed 72.86 points or 1.44 percent to 5,138.63.

“Optimism remains in the market and also the movements in other markets across Asia and the US and Europe,” Justino Calaycay Jr., senior analyst at Philstocks Financial Inc., said.

The PSEi bounced back to the 8,800 territory during the morning session, helped by foreign buying.

“We’re seeing a continuation of the momentum that started in the year, that started in the holiday season. There’s a lot of optimism particularly on the passage of the TRAIN (Tax Reform for Acceleration and Inclusion) law and investors are digesting the possible impact of the passage,” Calaycay noted.

“TRAIN plays to be a big part of it ‘cause there’s high hope that the coverage of infra will come to be realized and fuel further growth,” he said.

Summit Securities President Harry Liu who said that optimism remains in the local equities market.

“Optimism is there on the survey of the President which seems to be okay, so that market is resilient to continue its positive move. There seems to be more positive than negative,” Liu said.

Foreign funds bought P4.488 billion of shares during the session and sold P3.069 billion for a net buying position of P1.419 billion.

More than 709.371 million shares, valued at P8.356 billion, changed hands. Advancers outnumbered decliners, 118 to 93, and 47 issues were unchanged. — VDS, GMA News