PSEi hits new record, up 32.49 points
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.53 percent, or 32.49 points, on Monday to close at 6,171.70 points, a fresh record high.
The index also tested the 6,200 level as it reached a new intraday trading high of 6,193.25 points. The All-Shares index was up 0.38 percent, as all subindices, except the industrials counter, ended the day in the green.
The growth was led by the services sector, which added 2.15 percent after Philippine Long Distance Telephone Co. (TEL) rose 3.21 percent.
The telco was the day’s most-actively traded share, and its rise on Monday helped it regain its status as the most valuable company in the country with a market capitalization of P604.96 billion—ahead of SM Investments Corp.’s P602.42 billion. SM Investments shares rose 1.34 percent to close at P980 each.
Brokerage firm Accord Capital said a new proposal by United States House Republicans to increase the debt ceiling for the world’s largest economy provided optimism in the local market.
Trading volume was at 2.93 billion shares, changing hands at P6.14 billion. The day’s 88 advancers outnumbered 69 decliners, while 51 issues were unchanged.—Paolo G. Montecillo
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94