The local stock barometer crept to its 15th record high for 2015 on Monday on selective buying by cash-awash investors.
Rising for the seventh straight session, the Philippine Stock Exchange index added 0.68 points or 0.01 percent to close at 7,826.07. A new intra-day peak was also hit on 7,854.80, the 13th of such milestone for the year.
The PSEi traded in the red for most of the day but firmed up in late trade. Dealers said there was just too much liquidity keeping stock prices at high levels.
With many stocks hitting “overbought” levels, trading was mixed across counters, with the financial, property and mining/oil counters keeping the index afloat and making up for the slack in the industrial, holding firm and services counters.
Despite the PSEi’s modest rise, market breadth was negative as there were more decliners (105) than advancers (81). Value turnover for the day amounted to P5.45 billion.
The PSEi was led higher by RLC (+3.11 percent) and MPI (+1.98 percent) while ALI, Metrobank, BDO, BPI, ICTSI and DMCI also contributed gains.
Outside of the PSEi, notable gainers were Unioil (+11.54 percent) and IS (+20.6 percent) which surged in relatively heavy volume.
On the other hand, URC, EDC, AC, PLDT, SMIC, Jollibee and FGEN curbed the PSEi’s rise. Outside of PSEi, tech stock Xurpas was down by 3.34 percent.
Across the region, stock markets were mostly buoyant on news of a bail-out package for debt-strapped Greece.
Local stock brokerage DA Market Securities said indicators were pointing to “overbought” levels, indicating possible consolidation or correction. “Short-term investors may take profit as stocks reach targets or overbought territory, ahead of a post-earnings period that may be characterized by a lack of leads,” the brokerage said.
DA Market said 2015 was anticipated to be a year of volatility calling for a more nimble investor with a short to medium-term investment horizon.
Since the start of the year, the PSEi has risen by a total of 8.2 percent.