PSEi hits all-time high in upbeat trading

The local stock barometer explored new highs yesterday, now nearing the 8,300 level, as upbeat Wall Street trading boosted risk-taking across regional markets.

The main-share Philippine Stock Exchange index (PSEi) racked up 113.29 points or 1.39 percent to close at its intraday high of 8,291.14. This marked the PSEi’s best ever finish and likewise set a new intraday peak.

“Shares continued their upward trajectory as an important trading week sees the end of the ghost month (on Tuesday) and the meeting of several central banks, including our own. Both S&P 500 and Dow finished at records, which also propelled the Philippines to new heights,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

In the US, Limlingan said the market would await key economic releases while the statement following the September Federal Open Market Committee meeting would be released on Wednesday.

“In the Philippines, our BSP (Bangko Sentral ng Pilipinas) will hold its meeting on Thursday, Sept. 21. We expect the BSP to leave policy rates unchanged, keeping the overnight reverse repurchase rate at 3 percent and the overnight deposit rate at 2.5 percent,” Limlingan said.

The day’s gains were led by the holding firm and property counters, which rose by 2.29 percent and 1.65 percent, respectively.

The financial and services counters also firmed up while the industrial and mining/oil counters slipped.

Value turnover for the day amounted to P8.11 billion. Foreigners were net sellers amounting to P45.63 million.

There were 121 advancers that edged out 83 decliners while 46 stocks were unchanged.

Conglomerates SM Investments and Ayala Corp. led the PSEi’s surge, both advancing by more than 4 percent.

Ayala Land, Megaworld and GT Capital also added more than 2 percent while RLC, Metro Pacific and AGI also gained over 1 percent.

SM Prime, BDO, Metrobank and Jollibee also firmed up.

On the other hand, DMCI fell by 2.91 percent while URC and ICTSI both declined by over 1 percent.

Semirara, Security Bank and AEV also slipped.