Window dressing propels PSEi to 22nd record close - GMA News

Share prices on the Philippine Stock Exchange rose to the 22nd record close for the year, driven by window dressing as the first quarter draws to an end.

The benchmark PSEi rose 21.45 points or 0.27 percent to 7,899.41. The main index also set a new intraday high at 8,007.98.

The broader All Shares added 3.81 points or 0.08 percent to 4,550.21.

Nearly 920.819 million shares valued at P7.5916 billion were traded, Decliners edged advancers, 100 to 83, while 44 issues were unchanged.

"The market crept higher on traditional window dressing activities by investors," Asiasec Equities Inc. market strategist Manny Cruz told GMA News Online.

Window dressing or buying top performing stocks in exchange for losing issues is a strategy fund managers employ at the end of a period to improve the face value of their portfolio.

The market trimmed gains after touching 8,000, which is a strong resistance for the main index, Cruz noted.

"The market may continue to advance tomorrow given that it's the last day of the month and the quarter, due to selective buying in blue chips," he said.

"But we will not discount some profit-taking since 8,000 is a strong barrier," he added. – VS, GMA News

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