PSEi hits new record, up 32.49 points

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MANILA, Philippines—Philippine share prices rose at the start of the week, ignoring assessments of being overbought and bucking a declining trend across Asia.

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

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  • upupperclassman

    Setting new high on a daily basis is no longer news. The traders of major banks are conspiring to push up the market until April to realize as much trading profits as possible then will come the collapse.

  • Jun Manacsa

    ano yan, kada taas kahit one-point, eh all time high na… at NEWS na kaagad.  Better to set-up a milestone… like 6,500 then 7,000 and so on, then make it a news and celebrate.  Natural lang na tumaas yan (at bumaba)…

    • Igi Sanchez

      walang sense kung aantayin mo pa yung 6,500 or 7,000.

      Ang habol ng investors sa mga gantong news ay yung momentum ng market. Knowing na pumalo nanaman sa bagong levels yang index means na palapit ng palapit yung market sa correction phase… at kung alam mo kung hanggang saan ang inabot ng index, at least malalaman mo din kung hanggang saan babagsak pagdating ng correction.

      Medyo warning sign actually yung gantong news… kaya sya importante.

      Noob.

    • Diablo_III

      Noob ka ba? 

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