The stock market welcomed the new year with an upbeat note, hitting the 8, 700 level for the first time to set a new all-time high.
The Philippine Stock Exchange index (PSEi) on January 3 started 2018 with a surge of 165.71 points or 1.94 percent to close at 8, 724.13, beating the previous record of 8, 558.42 last year.
The recorded market gains could be contributed to the optimism of investors for the rest of the year, analysts said.
“The back-to-back closing at new record highs on the first trading day of 2018 and last trading day of 2017 is an auspicious sign for our stock market. Investor confidence and optimism were very apparent in today’s trading and we hope our market will remain robust for most of the year,” said PSE president Ramon Monzon.
Luis Gerardo Limlingan, managing director at Regina Capital Development said: “Philippine markets resumed their bullish climb on opening day with another record high once again. Investors are continuing to make their bets on issues they believe will outperform for the rest of the year.”
Listed firms in holding and property counters were the biggest gainers, posting an increase of over 2 percent. The services counter, on the other hand, was also up by 1.05 percent.
More than 700 million issues turnover valued at P7.29 billion.
The bellweather PSEi was led by Henr Sy-led SM Investments which increased by 5.05 percent. Subsequently, Metrobank and SM Prime also gained 3 percent, while Ayala Land, AGI, Megaworld and ICTSI had more than 2 percent. BPI, URC and PLDT firmed up by more than 1 percent.
However, BDO fell by 1.83 percent, Puregold and Metro Pacific also dipped by over 1 percent.
Moreover, US factory gauge and the from the December federal open market committee meeting continue to signal optimism for stock markets in the region.