Stocks set new record high

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