The main index ended Monday's session at a new record of 8,053.74, up 0.76 percent, boosted by expectations of low inflation in March. This is the 25th record close notched by the PSEi this year.
The PSEi also hit a new all-time intraday high of 8,062.79.
Investors remain optimistic about the Philippine market given corporate expansions, such as in power and property, and are positioning their portfolios ahead of first-quarter results, said Astro del Castillo, managing director at First Grade Finance Inc in Manila.
Shares of SM Investment Corp, the country's biggest conglomerate by value, rose 2.1 percent, its biggest one-day gain since Feb. 9. The company said in a filing to the stock exchange on Monday that it is expecting 10-12 percent growth in recurring net income this year.
"Closing above the 8,000 level is significant as it reinforces the favorable view that investors have on our market. We are optimistic that the positive local developments and upbeat outlook on listed firms will provide more upside potential for the index,” said PSE President and CEO Hans B. Sicat.
Solaire casino operator Bloomberry Resorts Corp. was the biggest gainer, rising nearly 5 percent.
Telcos PLDT and Globe also surged over 3 percent.
At the foreign exchange market, the peso strengthened to P44.39 against the US dollar.
The greenback fell against most other currencies, as US employers added the least number of jobs last month in more than a year.
Southeast Asian stock markets mostly ended higher on Monday after weaker-than-expected U.S. jobs data raised doubts the Federal Reserve would hike interest rates any time soon.
The Indonesian stock index closed 0.4 percent up, led by a 2.5 percent gain in biggest bank by value Bank Central Asia Tbk.
"The dollar index has corrected and it gave the Indonesian market some positive support," said Muhamad Alfatih, an analyst with Samuel Sekuritas Indonesia in Jakarta.
The Indonesian rupiah advanced as much as 0.6 percent to 12,920 per dollar, its strongest since March 25.
Malaysian stocks rose 0.5 percent, while Vietnam .VNI was 0.9 down and Singapore ended marginally lower.
The Thai stock market was closed on Monday for a public holiday and will resume trading on Tuesday. - With Reuters and ANC
source: www.abs-cbnnews.com
