Philippine stocks post another record high

MANILA, Philippines—The main local stock barometer rose modestly on Thursday to post a new all-time high finish for the third straight session as last-minute buying reversed earlier profit-taking pressures.

The main-share Philippine Stock Exchange index gained 2.25 points, or 0.05 percent, to a record close of 4,648.11 after trading in the red for most of the session. The index was aided mostly by buoyant conglomerates and property stocks.

“Strong portfolio buyers are underpinning buyers. For those who are not yet in the market, (it’s) time to do the pickings,” said fund manager Gus Cosio, president of First Metro Asset Management Inc.

Joseph Roxas, president of local stock brokerage Eagle Equities Inc., said a last-minute surge in buying allowed the index to sustain a positive close.

With the main index now trading in uncharted territory, some investors were tempted to pocket gains early in the session but others saw a fresh opportunity to take position toward the end of the session.

Value turnover amounted to P6.42 billion. Despite the overall index gain, the 75 advancers were outnumbered by 87 decliners as caution prevailed for most of the session.

Among the index stocks that helped perk up the PSEi were SM Investments, Megaworld, RLC, DMCI, AGI and Aboitiz Power.  IPVG and Nickel Asia were also up in heavy trade.

On the other hand, there was profit-taking on index heavyweight PLDT, which dipped by 0.85 percent to P2,794 per share. Recently, PLDT rose rapidly on the back of a dividend yield play in a low-interest rate environment.

EDC, Metrobank, ALI, First Gen, BDO and SMC also tempered the PSEi’s rise. There was likewise profit-taking on Lepanto A (open to local investors).