Stocks set new record high
More News from Philippine Daily Inquirer
SHARE prices rose to a record high for the 28th time this year Friday as blue chips rallied on the back of good earnings reports and improving consumer confidence.
The main Philippine Stock Exchange index (PSEi) ended the week with a gain of 38.97 points or 0.71 percent to close at 5,552.34 points.
“Share prices are trading at elevated earnings multiples as well as technically near the top,” brokerage firm Accord Capital said in its daily note to clients. The firm warned that a more substantial correction might be needed to strengthen the market’s base before another push past the top as the year comes to a close.
“Given the traditionally bullish yearend trading sentiment, there is a high probability that [5,600] will be breached,” the note said. “We may require a more decent retreat off the highs sufficient to open the
doors for a final push and leave investors with a more reasonable potential upside that will be commensurate to the level of risks.”
The broader all-shares index rose 0.51 percent, while most sectoral counters ended with gains, led by financials (1.31 percent). However, the mining and oil and the service counters were down 0.48 percent and 0.02 percent, respectively. 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