PH stocks post new high on window-dressing, despite rough sailing

Photo from pse.com.ph

MANILA, Philippines — Local stocks ended with modest gains to post new record highs for the 32nd time this year on Thursday, its winning streak extended by month-end window-dressing activities.

Clawing back gains after a rough sailing for most of the session, the Philippine Stock Exchange index closed 6.73 points or 0.12 percent to a new record high finish of 5,640.45.  A new all-time intra-day high of 5,650.10 was likewise hit.

Overall, the market was on a profit-taking mode and thus traded in negative territory for most of the day.  However, selective buying which dealers said were related to window-dressing allowed the index to close on a positive note.

Despite the overall index gain, the advancers (65) were greatly outnumbered by the decliners (103), indicating that the market’s run-up for the session was anchored on selective buying.  Value turnover was heavy at P11 billion.