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MANILA, Philippines—Philippine stocks ended in the green for a second straight session, bringing it closer to the index’s previous all-time high on May 15, but some analysts remained unconvinced that this was the start of a new uptrend.
The benchmark Philippine Stock Exchange index (PSEi) climbed 0.78 percent to 7,385.07 on Wednesday’s close while the broader all-shares index rose 0.61 percent to P4,534.20. The PSEi hit a new record high last week when it breached 7,400.
“There was more interest in the market but if we look at volumes, they are still lower than the usual,” Maria Arlyssa Narciso, equities analyst with stock brokerage firm AB Capital Securities Inc., said in an interview.
“We don’t think all investors are back in the market,” Narciso added. She said technical indicators were still pointing to a continued uptrend, but investors were advised to remain cautious.