Philippine stocks retest all-time highs

MANILA, Philippines—Local share prices tested all-time highs again on Monday before closing flat, following up on the strong performance last week.

The main Philippine Stock Exchange Index (PSEi) was hardly changed, rising 0.03 percent, or 1.9 points, to close at 5,470.70. But this was not before the benchmark reached an all-time intraday high of 5,488.92.

This has been the 31st time the benchmark rose to a record intraday high since the start of the year. The PSEi has climbed to 25 different record highs since January, data from the local bourse showed.

“(Market players) continue to monitor developments abroad, especially on fiscal policies that will be adopted in industrialized economies (like the United States and Europe),” online brokerage 2TradeAsia said in its daily note to clients.

“Immediate support is 5,450, resistance at 5,480-5,500,” it added.

The Monday rally was led by Ayala Corp., the day’s most active stock, adding 2 points or 0.45 percent to the index. Pangilinan-led Metro Pacific Investments, meanwhile, also rose 3.04 percent. Market heavyweight Philippine Long Distance Telephone Co. (PLDT) shed 0.76 percent, or 20 points.

Sub-indices were mixed, with property firms rising 0.55 percent while the services sector lost 0.9 percent.

Total volume reached 3.79 billion shares with a value of P5.4 billion.—Paolo G. Montecillo

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