SHARE prices closed at another historic high on Tuesday, with the main index reaching the 8,500-point level for the first time before profit taking sets in.
Traders said investors started buying shares as there was no trading on Monday after the government declared a holiday due to a strike by labor groups and public-utility vehicle drivers.
“Philippine markets new a new record once more, along with major US indexes setting the latest in a string of records, as investors looked ahead to key corporate earnings reports that could set the tone for trading and determine whether the lofty levels of the equity market are justified,” said Marita Limlingan, president of Regina Capital and Development Corp.
The government still declared a public holiday for government workers and suspended class on all levels on Tuesday but there were trading after the Bangko Sentral ng Pilipinas decided there will be clearing for the day through the operation of Philippine Payments and Settlements Systems.
The benchmark Philippine Stock Exchange index closed at 8,497.74 points, or 49.80 points higher from the previous close last week.
The main index reached as high as 8,586.73 points, or more than 100 points from Friday’s close, before profit taking sets in.
Total volume of trade reached 1.8 billion worth P11.76 billion, while foreign investors were net buyers at P498.42 million.
Decliners edged out gainers 121 to 88 and 42 shares were unchanged.
Other subindices ended mixed. The broader All Shares index was up 18.02 to 4,956.13, the Financials index was down 2.63 to 2,061.79, the Industrial index shed 84.43 to 10,977.37, the Holding Firms index rose 142.77 to 8,777.40 and the Services index climbed 5.78 to 1,707.38.
Ayala Corp. was again the day’s top traded stock and it gained P21 to close at P1,092, Ayala Land Inc. gave up P0.85 to P42.50, BDO Unibank Inc. rose P0.20 to P143.50, SM Prime Holdings Inc. climbed P0.80 to P37.30, Universal Robina Corp. lost P3 to P146 and Metropolitan Bank and Trust Co. added P1.45 to P92.