Stocks end at new record for third straight trading session
Stocks finished at a new record for the third straight trading session for the year on Friday despite being weighed down by profit-taking after the index soared past 8,800 points.
The Philippine Stock Exchange index closed 30.17 percent higher to 8,770 points. It also set a new intraday high of 8,858.07.
Meanwhile, the peso closed at P49.865 against the US dollar from P49.82. Volume at the Philippine Dealing System reached $715.70 million from $519.25 million.
In the broader market, there were 126 gainers, 87 decliners and 51 issues unchanged.
Volume rose to 779.5 million worth from P10.6 billion from Thursday's turnover of 712.83 million worth P7.29 billion. Foreigners were net buyers at P892 million.
Among most active shares are Universal Robina Corp., up 5.06 percent to P106.90, GT Capital Holdings, up 3,25 percent to P 1,367, San Miguel Corp., 3.5 percent to P120 and Ayala Land, up 2.82 percent to P45.50.
The government's economic managers say optimism over the country's economic outlook for 2018 is powering the market's big surge.
Joey Roxas, president of Eagle Equities, told the Daily Manila Shimbun the index could reach 9,500 to 10,000 for the year. "10,000 is only 10 percent higher than 2017," he said.
But in the near term, Jun Calaycay, research head of Philstocks, said correction could set in next week.
"We advise our investors to be a bit wary of the recent highs in the past few days," he told ANC in an interview.
Calaycay added:"We hope it carries over to next week. But the bears are showing up. There's indication that profit-taking is starting to set in." DMS