Philippine share prices on Monday closed higher, setting a new all-time intraday high, inspired by encouraging jobs data in the United States.
At the Philippine Stock Exchange (PSE), the benchmark index added 57.76 points or 1.22 percent to 4,816.33, just a few points away from its record high of 4,822.08 posted on February 2.

The broader all-shares index jumped 33.56 points or 1.05 percent to 3,244.25. Advancers led decliners, 112 to 59, while 36 stocks were unchanged. A total of 3.94 billion shares worth P8.96 billion changed hands.

“Investor interest has been robust in anticipation of an even better year for our listed companies,” said Hans Sicat, PSE president and chief executive officer. “Wall Street’s performance overnight has also fueled the rise in Asian markets as latest reports show positive developments in the US economy, particularly its employment situation,” he added.

Amid concerns that debt troubles in Europe will dampen economic recovery, the US showed further signs of resilience last month after a strong jobs report pulled unemployment rate to a three-year low. Activity in the services sector was also at its highest in nearly a year.

Intraday, the PSE index hit a new high at 4,855 points, surpassing the previous record intraday level of 4,822.08 points posted on February 2. The local stock market is seen to challenge record levels during today’s trading.

“The release of inflation data, seen to have slowed from last year’s average and to fall inside the official government targets, will lend more optimism, as it raises the specter of further expansionary posture by the BSP [Bangko Sentral ng Pilipinas]—at least it gives authorities elbow room to add to the 25 basis point cut last month and the recent decision to ease bank reserve requirements,” said Jun Calaycay of Accord Capital Equities Corp.

However, concerns over the lack of progress in the Greek debt-swap negotiations, necessary to contain the region’s crisis, will continue to cast a dark cloud over trades. Support remains at 4,750 to 4,770 with resistance at 4,820.