• Index hits 9th high in early 2018 run

The benchmark Philippine Stock Exchange index (PSEi) extended its run-up yesterday, hitting its 9th record high so far this year.

The PSEi closed at 9,058.62, up 17.42 points or 0.19 percent while the broader All Shares index ended at 5,273.00, up 3.68 points or 0.07 percent.

Analysts said the market isn’t about to slow down just yet as market investors continue to test the market’s strength at past the 9,000 level.

However, they said this does not mean there won’t be a correction anytime soon as the index needs to pull back to be able to sustain its strength in the long-term.

Most sectors closed in positive territory with the services sector leading the gainers with a 2.32 percent increase.

Total value turnover was robust at P8.87 billion. Market breadth was negative, 116 to 95. Fifty-five issues, meanwhile, were left unchanged.

According to the PSE, the index has gained 500.20 or 5.8 percent since the start of the year.

PSE president Ramon Monzon expressed hopes the market would sustain its levels.

“We are hopeful that the market’s level will be sustained on the back of solid microeconomic fundamentals and on expectations of upbeat corporate earnings from our listed companies. Our market is likewise in sync with regional bourses that have reached record highs this month,” Monzon said.