Philippine stocks close above 8,300, track Wall Street gains
MANILA, Philippines – Philippine stocks hit a new milestone again, closing above the 8,300 mark as record closes on Wall Street and upbeat US economic data lifted investor sentiment here.
The Philippine Stock Exchange index (PSEi) on Tuesday, October 3, closed at an all-time high of 8,312.93, up by 56.65 points from Monday, October 2.
The broader All Shares index also posted gains, up by 24.64 points to 4,892.00. Meanwhile, 5 of the 6 sectoral indices were in the green, with the services and financials sectors posting gains of over 1%.
"Our markets soared to a new high today, climbing further into record territory in sync with US markets also hitting new highs in yesterday's closing. Investors continue to remain bullish about the prospects of the Philippine economy," PSE president and chief executive officer Ramon Monzon said in a statement.
Year to date, the PSEi has gained 21.5%.
"Philippine stocks broke new ground once more and US stock benchmarks traded in record territory Monday afternoon, as equities resumed a steady run-up that could set the tone for the final 3 months of 2017," Marita Limlingan, president of Regina Capital Development Corporation, said in a note.
"The moves for stocks occurred amid an upbeat tone on Wall Street despite a mass shooting event in Las Vegas that is being described as the worst in US history," Limlingan added.
On Wall Street on Monday, Reuters reported that US stocks opened the last quarter of 2017 on a strong note, with all 3 major indices at record highs after economic data highlighted strength in the economy.
This upbeat performance of the US economy was reflected across Asian stocks.
The Philippine Statistics Authority (PSA) on Thursday, October 5, is set to release the September consumer price index. – Rappler.com