MANILA, Philippines — The local stock market surged to a new record high on Monday on good tidings from the recent G-20 meeting and a string of favorable local corporate developments.
The main-share Philippine Stock Exchange index added 43.59 points or 0.67 percent to its highest ever finish of 6,565.23. A new intra-day peak was also hit at 6,582.51.
The cyclical financial and property counters led the day’s upswing, both rising by over 1 percent. On the other hand, only the mining/oil counter was in the red although Semirara had begun to bounce from last week’s sell-down after a landslide at its Antique mine that killed at least five people. Five other entrapped miners are still missing.
Value turnover amounted to P8.86 billion. There were 97 advancers that edged out 86 decliners while 41 stocks were unchanged.
The day’s biggest index gainers are SM Development (+11.18 percent), Petron (+3.37 percent), SM Prime (+3.17 percent), Semirara (+3.11 percent), Megaworld (+2.72 percent), Manila Water (+2.46 percent), Metrobank (+2.22 percent), BDO (+2.03 percent), Jollibee (+1.71 percent) and SMIC (+1.01 percent).
Manny Cruz, chief strategist at AsiaSec Equities, said Monday’s upswing was influenced by the upswing in most Asian markets after the world’s group of wealthiest nations under G-20 did not censure Japan’s currency management. G20 only referred to a commitment not to target exchange rate for competitive purposes but was silent on Japan, whose currency has been weakening.
Cruz said the local market also benefited from a string of corporate developments that helped boost market optimism, including upbeat news reports on the property counter. For instance, he noted ALI’s unlocking of property values from FTI as well as CPG’s new office and hotel projects in Bonifacio Global City.
SM stocks were also seen buoyant on speculation of some key portfolio realignment across the SM group’s property subsidiaries.