Philippine stocks post new high, break 5,150 level
MANILA, Philippines—The local stock market surged to a new all-time high past 5,150 on Tuesday, as more investors returned from extended holidays while the market cheered the robust US retail sales data.
The main-share Philippine Stock Exchange index added 39.82 points, or 0.78 percent, to finish at 5,157.28, a new record-high. Intraday, the PSEi hit a high of 5,186.52, beating the previous record intraday level of 5,146.17 set last March 19.
“While developments abroad continue to be a significant factor in dictating market movements, investor confidence in our local market remains strong, which has enabled it to buck the downtrend in the region these past few days. This four-day rally shows that the market continues to withstand external shocks as it is supported by the Philippines’ growth story,” PSE president Hans Sicat said.
“The market is resilient so far despite external headwind,” said Mark Angeles, head of research at First Metro Securities. “Nevertheless, we remain in the view that the market has priced in 12-month forward earnings per share. Come first-quarter earnings (reporting) season, results must match or beat expectations or the rally will falter.”
Year-to-date as of April 17, the PSEi has expanded 18 percent, or 785.32 points.
The cyclical counters – financial and property – led the day’s upswing, respectively surging 1.28 percent and 1.42 percent. Value turnover amounted to P6.7 billion. There were 103 advancers that overwhelmed 68 decliners while 40 stocks were unchanged.
Among the index stocks that gained sharply and contributed to the day’s breakout were Metrobank (up 2.39 percent), BDO (2.86 percent), AGI (2.16 percent), JG Summit (3.18 percent), Ayala Land (2.13 percent), Universal Robina Corp. (2.54 percent) and Robinsons Land (1.39 percent). PLDT and BPI likewise firmed up.
The day’s gains were tempered by some profit-taking on DMCI, Ayala Corp. and Metro Pacific Investments.
An upbeat trading in Wall Street overnight also helped improve sentiment. This was after robust US retail sales data perked up the Dow Jones industrial average by 71.82 points, or 0.56 percent, to 12,921.41. This followed reports that US retail sales for March increased 0.8 percent, sharply higher than the market consensus.
