Shares climb to fresh peak, breach 8,500 points


Posted at Oct 17 2017 09:53 AM | Updated as of Oct 17 2017 04:16 PM

MANILA - Share prices continued its record run, hitting a new all-time high on sustained investor optimism on the economy.

The Philippine Stock Exchange Index closed up 0.59 percent to 8,497, paring gains from earlier in the session when it rose to 8,586.

"Investors are betting on brighter prospects moving forward," AB Capital Securities analyst Lexter Azurin said, citing the government's tax reform program and expectations of robust economic growth.

"The Philippine market remains one of the more attractive ones if you compare it to other markets in the region," Azurin told ANC's Market Edge with Cathy Yang.

Azurin said there was a possibility of profit-taking, with 8,100 and 8,200 seen as support levels for the index.

Asian shares rallied to a decade high after figures showed China's producer prices beat market expectations to rise 6.9 percent in September from a year earlier.

Wall Street indexes rose as US banking stocks recovered after slipping last week and technology stocks rallied, driven by a 1.6 percent increase in Apple Inc.

Wall Street's rise comes ahead of a barrage of quarterly earnings reports this week.

"The market is going higher despite all the news flow of geopolitical events," said Jeff Zipper, managing director at US Bank Private Client Reserve in Palm Beach, Florida. "There is optimism on earnings, economic indicators and hopes of budget resolution."

MSCI's broadest index of Asia-Pacific shares outside Japan closed up 0.57 percent at its highest level since late 2007. -- with reports from Reuters

Japan's Nikkei climbed 0.47 percent to a level not seen since November 1996. Australian shares extended their winning streak to a fourth straight session, rising 0.6 percent, while South Korea's stock index set a record.

The upbeat data from China came before the Communist Party Congress on Wednesday and third-quarter economic data on Thursday.

The Dow Jones Industrial Average rose 60.57 points, or 0.26 percent, to 22,932.29, the S&P 500 gained 2.75 points, or 0.11 percent, to 2,555.92, and the Nasdaq Composite added 10.32 points, or 0.16 percent, to 6,616.13.

The pan-European FTSEurofirst 300 index closed up 0.04 percent, and MSCI's gauge of stocks across the globe gained 0.08 percent. Emerging market stocks rose 0.51 percent. -- wit reports from Reuters