Breaking records one after the other, the market made history anew last Friday when it breached another psychological price barrier of the benchmark Philippine Stock Exchange index (PSEi) as it reached an all-time high of 9,041.20. This was the market’s eighth record-breaking performance since the start of the year.
Needless to say, bullish sentiments continued to power the market, thanks to local punters. Market developments on Wall Street have also been fueling peers on this side of the world.
Helping to abet local buying initiatives, too, was the stronger trading activity of foreign investors. They maintained their trading stance as net buyers while their market participation increased for the week to 50.29 percent of total transactions.
The market ended the week with a net gain of 125.28 points or 1.41 percent. This now brings its overall gain for the year to 482.78 points or 5.64 percent.
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We must also take note of investors’ seasonal repositioning of their portfolios, thus helping to power the market.
Bottom line spin
