Last trading day of 2017: (L-R) PSE Corporate Planning and Investor Relations Division Head John Benette B. Mamañgun; PSE Governance, Risk & Compliance Head J. Argel G. Astudillo; IGC Securities Nominee Ismael G. Cruz; PSE Director Alejandro T. Yu; PSE COO Roel A. Refran; PSE Human Resources and Administration Division Head Mary Catherine Soliman-Radaza; PSE Internal Audit Group Head Jinky A. Alora and Securities Clearing Corporation of the Philippines COO Renee D. Rubio.
Philippine stocks ended 2017 with a bang, with the main stock barometer gaining a total of 25.1 percent for the year and posting a record finish on the final trading session as investors bet on another bullish year ahead.
The Philippine Stock Exchange index added 23.33 points or 0.27 percent to close on Friday at 8,558.42, its best-ever finish. A new intra-day peak of 8,640.04 was likewise hit during the last trading session before the New Year holiday break.
For the full year, the PSEi racked up a total of 1,717.78 points from the end-2016 level of 6840.64.
This yearend performance reversed the slump seen in the last two years. The PSEi fell by 1.6 percent in 2016 and lost 3.85 percent in 2015.
“The market closed on a positive note reaching an intraday high of 8,640 and on above-average value turnover of P7 billion, as investors continue to be bullish on the market’s prospects against a backdrop of cautious tightening by foreign central banks,” said PNB Securities President Manuel Lisbona.
“Expect a correction with the next few trading sessions–which can be treated as opportunities to add to positions,” he added.
The year 2017 was a breakout year for local stocks, thanks to a much-awaited tax reform program seen to fund the government’s promise of a “golden age of infrastructure” alongside a generally favorable global environment that buoyed fund flows to emerging markets.
The main index closed at new highs 14 times during the year, including that in the final trading session.
On Friday, the PSEi was led higher by the financial counter, which added 1.24 percent. The holding firm, services and property counters also gained.
On the other hand, the industrial and mining/oil counters slipped.
Total value turnover for the day amounted to P7.26 billion.
There were 115 advancers that edged out 94 decliners while 45 stocks were unchanged.
The country’s largest lender BDO led the PSEi higher with its 3.67-percent gain. SM Investments, Meralco, BPI and AEV all rose by over 1 percent.
Megaworld, SM Prime, Metro Pacific, GT Capital and AGI also contributed to the day’s gains.
On the other hand, URC, JG Summit, Puregold and Semirara all declined by over 1 percent. Shares of Ayala Land, Ayala Corp. and Jollibee also slipped.
PSEi ended 2017 at a record high for the first time