Philippine stock index breaches 6,200

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MANILA, Philippines—The local stock market closed at another record high—the 11th since the start of the year—to breach the 6,200 level for the first time in history.

The main Philippine Stock Exchange index (PSEi) surged 42 points, or 0.68 percent, to close at 6,234.73 percent on Tuesday while the broader all-shares index gained a similar 0.69 percent.

The strong performance followed statements by President Aquino saying that the Philippine economy likely grew faster than 6 percent—the top end of the government’s target—in 2012. The government will release economic growth figures on Thursday.

All sub-indices were in the green, led by the property counter, which rose 1.37 percent. Lagging behind was the financial sector, which gained only 0.24 percent.

Total volume was 2.67 billion shares valued at P10.131 billion. The 109 advancers led 67 decliners while 40 issues were unchanged. The market’s performance defied expectations by analysts, who said a breather would be necessary for the index to advance past 6,200.—Paolo G. Montecillo

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  • http://pulse.yahoo.com/_FXE5E2IOEENUSMTFLDFM5OFFNQ alvin

    go go go PH…

  • Diablo_III

    I sold my stocks lately just to be sure if ever there is a correction the next couple of weeks. Hopefully a healthy correction. 

  • http://profile.yahoo.com/EYAJGTI3VFAV7H2Z66MI2C34IU Ronnel L

    Caveat!t This is not a good sign…the stock market is reaching a bubble status; just look at the index’s P/Es and you’ll see its entering the bubble phase…Dahil sa current account surplus natin at sa USD remittances na kino convert ng mga OFWs to peso parang nag iimport tyo ng inflation,  and its showing into the stock market and other assets tulad ng real estate…In 1 to 2 years mag burst ang bubble at magkakaroon ng recession sa pinas.

  • manongcastro

    Talagang record breaking, stock market players are holding their breath! Totoo ba ito?

    Anyway, it’s also an election year! So, good run maybe in the next 6 months up until the elections and then let’s see where from there.

  • NoWorryBHappy

    OMG !!! OMG !!! WOO-HOO !!!
    I said I would reserve my next comment about the PSE index when it reaches 6,200.
    So I say, congratulations to all Filipinos ! Celebrate a little ! And then let’s continue to work
    harder without let up. Ignore those credit ratings. Let’s keep focus on making every Filipino’s
    standard of living better. Mabuhay tayong lahat !

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