Latest Stories

Philippine stocks mark another high past 6,000


MANILA, Philippines—Local stocks marked new record highs breaching 6,100 in intraday trade on Monday as good prospects for the domestic and global economies this 2013 boosted investors’ risk appetite.

The main-share Philippine Stock Exchange index hit as high as 6,115.18 before closing at 6,093.90 on Monday, adding 42.15 points, or 0.7 percent, from Friday’s finish. This was the seventh record finish for the index this year and 68th record during the term of President Aquino.

All counters were up but the biggest increase was posted by the cyclical financial and property counters, which respectively jumped by 1.53 percent and 1.48 percent on good economic prospects for 2013.

Online stock brokerage 2TradeAsia.com said the conservative target for the PSEi would be at 6,500 within the near term. “Any dips should provide entry points, given the gauge’s near oversold levels. Monitor downward movements, especially near 5,600-level,” it said.

This upbeat forecast by 2TradeAsia.com is backed by an expected acceleration in economic growth.

“From an estimated 6.5 percent gross domestic product (GDP) growth for 2012, the economy will continue to be supported in 2013 by services (54.4 percent of GDP in 2011), specifically for trade, real estate, transportation, storage and communications sub-components,” the brokerage said in its outlook for 2013.

“The wildcard would still be on agriculture (12.3 percent of GDP), which is subject to volatile weather conditions. For the demand side, improved household and government spending would help fuel expansion to 7-8 percent for 2013, especially with local elections in the initial semester of the year. Consumer spending will be aided by moderate inflation, plus influx of overseas Filipino worker remittances,” it said.

Manny Cruz, chief strategist at the AsiaSec Equities Inc. said the surge to another new high might have been precipitated by an ongoing road show for Asean (Association of Southeast Asian Nations) bourses. “One of the top candidates is the Philippines because we’re looking at an investment grade status and our market has been a top performer in the last few years,” Cruz said.

Local stocks also gained ground from the expected resolution of the foreign ownership concern on industries, required by the Constitution to be 60 percent owned by the Filipinos, such as utilities like PLDT and property firms.

“Because of the pronouncement of the SEC (Securities and Exchange Commission), negative sentiment has waned, boosting play on PLDT, which was erstwhile a laggard,” Cruz said.

The PSEi’s rise to new record highs was led by ALI, MPI, Philex, BDO, BPI, Globe, Metrobank, Aboitiz Power, SMIC and SMDC.

Investment bank Credit Agricole CIB said Asian growth would likely strengthen in 2013 amid an improved global economic activity led by the US.  Asian economic growth has been seen to accelerate to 7 percent this year from 6.1 percent in 2012. Most Asian central banks might hike rates in the second semester of 2013 to address price pressures, Credit Agricole CIB said.

Across the region, stock markets were mostly higher on Monday due to optimism on China, which said it can increase quotes for foreign investment in its financial markets.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: business and finance , Markets and Exchanges , Philippine Stock Exchange , Philippines , Stock Activity , Stock Market , stocks

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Complex health care system for California’s elderly and poor explained
  • Malang the croc must regain strength before return to swamp, says mayor
  • Palace: Lacson’s version of Napoles testimony to be evaluated
  • Scientists eye iceberg bigger than Guam
  • Drilon: I’m not on Napoles’ list
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Gongs and southern dances star in a workshop at San Francisco Bayanihan Center
  • This woman ate what?
  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • Entertainment

  • Smithsonian wants photos, videos for ‘Day in the Life of Asian Pacific Americans’
  • What Garcia Marquez left behind
  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Business

  • How ‘one percent’ economic elite was uncovered
  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Obama to visit Filipino soldiers in Fort Bonifacio
  • Fil-Am youth conferences unite under one theme
  • Embassy advisory: Filipinos still need visas to enter US
  • No travel restriction to Mideast, DFA clarifies
  • PH-HK relations repaired, but families of victims still being courted
  • Marketplace