Stocks closed at a fresh record high on Tuesday despite warnings by some market analysts of near-term profit-taking given the recent and sudden bull run.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.56 percent, or 44.94 points, to 8,098.68—the 26th record high for the measure this year. The broader all-shares index was also up 0.47 percent, or 21.71 points, to 4,628.79.
Data from the PSE showed that the PSEi had climbed to a record intra-day high of 8,136.97 on Tuesday.
“Interest rates are expected to remain low with the benign inflation data released today, which augurs well for the equities market. We hope to see more favorable developments in the coming months to help sustain the gains and attract more participation from investors,” PSE president Hans B. Sicat said in statement.
The gains on Tuesday extended those for the PSEi to about 12 percent so far this 2015.
Nevertheless, data from the bourse showed that sub-sectors closed mixed, with financial and mining and the oil subsectors down 0.54 percent and 0.08 percent, respectively. Miguel R. Camus