Stocks set new record high

LOCAL stocks ended at another record high Friday, nearing 5,800 as risk appetite across regional markets was boosted by hopes of favorable US budget talks that will address Washington’s fiscal concerns.

The main-share Philippine Stock Exchange surged by another 30.56 points or 0.53 percent to close at 5,794.20, the 36th all-time high posted this year. A new intra-day peak was likewise touched at 5,797.93.

With record-low bond yields, investors were shrugging off valuation concerns in favor of growth prospects as the Philippines’ strong momentum is seen benefiting corporations in the coming year.

All counters were up. Value turnover amounted to P8.67 billion. But as the buying favored large caps, there were only 74 advancers as against 89 decliners while 47 stocks were unchanged.

The day’s most actively traded stocks were blue chips PLDT (+1.46 percent) and ALI (+1.03 percent).  Other stocks that powered the PSEi’s rise were RLC (+3.21 percent), SMIC (+2.42 percent), Philex (+2.31 percent), AC (+1.96 percent), MWC (+1.4 percent) and JFC (+1.39 percent).

On the other hand, there was profit-taking on SMPH (-1.75 percent), BPI (-0.26 percent), Megaworld (-0.71 percent), Aboitiz Power (-1.07 percent) and Globe Telecom (-1.04 percent).

Among non-index stocks, SPC Power (-3.2 percent) and Bloomberry (-2.17 percent) fell in heavy volume. Doris C. Dumlao