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MANILA, Philippines (2nd UPDATE) – Local stocks managed to post a new all-time high, extending their winning streak for the 5th day on Tuesday, January 8, even if some investors cashed in on gains.
The key Philippine Stock Exchange index inched up 3.99 points or 0.07% to 6,048.90, breaching the previous high of 6,044.91 set on January 7. Intraday, it hit a new peak of 6,055.42.
The broader all-share index was up 1.94 points or 0.05% at 3,813.65.
Unlike in previous sessions, sectoral indices ended mixed. The industrial, holding firm and mining and oil sectors advanced, while the financial, services and property sectors retreated.
Gainers beat losers, 85 to 78, with 46 stocks unchanged.
A total of 2.47 billion shares worth P7.47 billion were traded. Foreign buying amounted to P4.02 billion, while selling was P3.47 billion.
“Buyers and sellers were trying to outpace each other today. Some investors took profits after the market rally since New Year,” Astro del Castillo, managing director of First Grade Holdings, said in a phone interview.
“The up and down movement today is also a signal that the market is about to consolidate,” he added.
The PSEi also pulled back partly on the decline in the share price of heavyweight Philippine Long Distance Telephone Co. (PLDT), the country’s second most valuable company.
PLDT, the second most actively traded stock, fell 0.60% to P2,646 following a Manila Standard Today report that Lazard Asset Management LCC may sell its shares in the telecommunications giant due to concerns over proposed changes in foreign ownership rules.
The Securities and Exchange Commission is weighing on a Supreme Court order saying only common or voting shares must be considered in computing foreign ownership to comply with the Constitutional 40% limit.
PLDT had reduced the share of foreign-owned equity in the company even before the high court declared it breached the cap.
Del Castillo said the decline in PLDT’s share price in was just a “knee-jerk reaction to the report.”
“The company’s fundamentals are still intact,” he said.
The third most actively traded stock, Megaworld Corp., went down 5.11% to P3.16.
Top traded Metropolitan Bank & Trust Co. was flat at P103.4 per share.
SM Investments Corp., meanwhile, rose 1.73% to P939. – Rappler.com
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