PSE index hits new high, breaks 8,800

The local stock barometer zoomed to another record high, breaching the 8,800 mark in intra-day trade on Friday alongside bullish global equities.

The main-share Philippine Stock Exchange index (PSEi) added 30.17 points or 0.35 percent to notch a new record finish of 8,770.

The index touched a new intra-day peak of 8,858.07 but pared gains at the close.

The PSEi’s winning streak is now on its eighth day. It closed at record highs for the fifth straight session.

Across the globe, most stock markets firmed up on the back of upbeat economic data out of the United States and China.

For the shortened first trading week of 2018, the local stock barometer racked up a total of 211.58 points or around 2.5 percent.

The day’s gains were led by the industrial and property counters, which both gained over 1 percent, while the holding firm and mining/oil counters also firmed up.

Only the services counter slipped (-0.73 percent).

Foreigners were net buyers in the stock market to the tune of P892.18 million for the day.

Value turnover for the day stood at P10.57 billion.

There were 126 advancers that edged out 87 decliners while 51 stocks were unchanged.

The PSEi was led higher by URC, which rose by 5.06 percent, while GT Capital and San Miguel Corp. both added over 3 percent.

Ayala Corp., Ayala Land and JG Summit all advanced by over 2 percent while DMCI added 1.94 percent.

BPI, Megaworld and Meralco also contributed modest gains.

On the other hand, SM investments shed 2.86 percent while Security Bank, PLDT and Metro Pacific all declined by over 1 percent.

Metrobank and SM Prime also slipped.