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By Jed Jaleco Del Rosario
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January 29, 2018
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ILOILO City – Share prices on the Philippine Stock Exchange climbed to a new record and breached the 9,000-level on the PSEi Friday as local investors returned to the market after cashing in on gains from previous sessions.
Technical Analyst Hernan Segovia says that this is a momentous occasion, and that January of 2018 has been an exciting event for both traders and investors.
“For the first time in PSE history, the market breached the 9,000 level, a phenomenal level. So this is the highest time in PSE history,” Segovia said. “This was attributed to foreign buying of course, and the foreign investors are quite confident that the market may move higher, even though we have already broken so many records already.”
Segovia also said this is the eighth record-high for the main index since the start of 2018 – a major feat – adding that the important thing to do now is to observe the market for the entire first quarter.
If the momentum continues for most of the first quarter then he predicts that the market will continue to perform well throughout the rest of the year.
Despite the good news, however, Segovia remains concerned about the peso exchange rate staying at the P51 to US$1 level, and emphasizes that it could potentially cause problems for the market’s prospects for this year.
The benchmark PSEi gained 42.03 points or 0.47 percent to 9,041.20 at the closing bell. The broader All Shares climbed 17.05 points or 0.33 percent to 5,262.30.
Eagle Equities Inc. president Joseph Roxas noted the “continuous re-positioning of investors” since the market took a breather from the gains in previous trading days.
Asiasec Equities Inc. chief market strategist Manny Cruz said the buying pressure came from local investors this time.
“We saw net foreign selling so there is continued buying coming from local players. This is amid the optimism about the economic prospects of the Philippines because the big-ticket infrastructure projects are reported to start rolling out this year,” Cruz said.
Foreign funds bought P3.593 billion of shares during the session and sold P3.835 billion for a net selling position of P242.246 million.
More than 1.021 billion shares valued at P7.831 billion, changed hands. Advancers led decliners, 110 to 97, and 52 issues were unchanged.
Week-on-week, the PSEi gained 125.28 points or 1.405 percent from 8,915.92 on Jan. 18. It rose by 482.78 points or 5.64 percent from 8,558.42 on Dec. 29, the last trading day of 2017. (With a report from ABS-CBN News/PN)
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