MANILA, Philippines (2ND UPDATE) - The Philippine Stock Exchange index (PSEi) on Monday morning breached the 7,000 level for the first time in its history.
The PSEi stood at 7,009.13, up 0.75% or 52 points as of 9:52 a.m. Traders on the floor cheered as the main index reached another new high.
As of noon, the PSEi stood at 7,032.96 up 1.09% or 75pts.
Among the most actively traded stocks were BDO Unibank, Ayala Corp. SM Investments Corp. and Ayala Land Inc.
"I'm really surprised by the resilience and strength of the market. On the other hand, we're also expecting this. It just happened sooner than we were expecting it to hit 7,000. The market is getting a bit ahead of itself, in terms of price, it has gone up ahead of earnings... I think they're anticipating more earnings suprises at least for the banking sector," PJ Garcia, senior vice president at BPI Asset Management, told ANC.
Last week, BDO surprised the market with its very strong first quarter profits - P10 billion. The Sy-led bank said it expects to hit a record P20.4 billion this year.
Analysts had earlier expected the main index to test the 7,000 level this week, as investors position themselves ahead of the release of first quarter corporate earnings.
Last Friday, the PSEi reached a new high, with the index up 1.45% to close at 6,957.10.
It was only in January when the benchmark index first breached the 6,000 level. - With report from Warren de Guzman, ANC