PSEi breaches 9,000-level, hits new all-time high

Share prices on the Philippine Stock Exchange climbed to a new record and breached the 9,000-level on the PSEi Friday as local investors returned to the market after cashing in on gains from previous sessions.

The benchmark PSEi gained 42.03 points or 0.47 percent to 9,041.20 at the closing bell. The broader All Shares climbed 17.05 points or 0.33 percent to 5,262.30.

This is the eighth record-high for the main index since the start of 2018.

Eagle Equities Inc. president Joseph Roxas noted the “continuous re-positioning of investors” since the market took a breather from the gains in previous trading days.

Asiasec Equities Inc. chief market strategist Manny Cruz said the buying pressure came from local investors this time.

“We saw net foreign selling so there is continued buying coming from local players. This is amid the optimism about the economic prospects of the Philippines because the big-ticket infrastructure projects are reported to start rolling out this year,” Cruz said.

Foreign funds bought P3.593 billion of shares during the session and sold P3.835 billion for a net selling position of P242.246 million.

More than 1.021 billion shares valued at P7.831 billion, changed hands. Advancers led decliners, 110 to 97, and 52 issues were unchanged.

Week-on-week, the PSEi gained 125.28 points or 1.405 percent from 8,915.92 on Jan. 18. It rose by 482.78 points or 5.64 percent from 8,558.42 on Dec. 29, the last trading day of 2017. —VDS, GMA News