MANILA, Philippines – Local stocks are ending the ghost month with a bang, breaching the 8,200 mark and reaching a new all-time high for the 3rd straight trading session on Monday, September 18, as they cheer the US markets' record high.
On Monday, the Philippine Stock Exchange index (PSEi) closed at a record high of 8,294.14, up by 113.29 points or 1.4% from Friday, September 15. The PSEi's closing level of 8,294.14 is also a new all-time intraday high for the index.
"Shares continued their upward trajectory as an important trading week sees the end of the ghost month and the meeting of several central banks, including our own," Marita Limlingan, president of Regina Capital Development Corporation, said in a note.
Chinese ghost month is from August 22 to September 19. (READ: How a Fed rate hike impacts the Philippine economy)
"Both S&P 500 and Dow Jones finished at record highs, which also propelled the Philippines to new heights," Limlingan added.
Reuters reported record highs for both the Dow Jones Industrial Average, which rose by 0.29% to close at 22,268.34 points, and the S&P 500, which increased by 0.18% to end at 2,500.23.
Year to date, the PSEi has gained 21.2%.
The sectoral indices finished mixed with the Property, Holding Firms, Financials, and Services counters posting gains. The Property and Holding Firms indices in particular rose by 1.6% and 2.3%, respectively.
"The PSEi's ascent was mostly in-step with gains in Wall Street and other Asian markets. We are pleased to see the momentum continuing behind investor optimism over the market's prospects," PSE president and chief executive officer Ramon Monzon said in a statement.
The Bangko Sentral ng Pilipinas (BSP) is set to hold its meeting on Thursday, September 21.
"We expect the BSP to leave policy rates unchanged, keeping the overnight reverse repurchase rate at 3% and the overnight deposit rate at 2.5%," Limlingan said. – Rappler.com