PSEi hits new record, up 32.49 points

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