Stocks set new high

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Local stocks soared to another record high, lifting the main index beyond the 6,300 mark for the first time, on the back of good macroeconomic and corporate earnings outlook for this year.

The main-share Philippine Stock Exchange index rallied by 75.87 points or 1.22 percent to finish at 6,318.61. A new intraday peak of 6,342.72 was likewise hit.

Dealers said that while the market was initially unexcited by the 6.8-percent gross domestic product growth in the fourth quarter and the 6.6 percent full-year growth for 2012 reported on Thursday, the figures were better appreciated against a backdrop of a still muted global economic recovery. A number of research reports issued by big financial institutions also reflected an upbeat outlook on the Philippine economy and corporate performance for 2013.

By sector, the day’s outperformer was the property counter (+3.32 percent) while the financial, services and mining/oil counters also rose by more than 1 percent.

In a briefing, JP Morgan Philippines head of research Gilbert Lopez said the index would have room to rise by another 15 percent this year. (See story on this page.) Lopez said the long running joke that the PSEi might hit a level approximating the number of islands in the Philippine archipelago (7,100) might come true. Doris C. Dumlao

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  • elimsqui

    tiglao and doronilla is now investing in the stock market…

  • pinoypower

    Another bad news for OFWs. Whenever PSE stocks soar, the demand for peso also rises because the stocks are priced and transacted in the local currency. Inevitably the peso appreciates as a consequence and this reduces the value of OFW remittance.
    Perhaps it is time now to price and transact Philippine stocks in US dollars or in dual currency payment mode, peso for local investors and US dollar for foreign investors. This will lessen the demand for peso and thus prevent artificial appreciation. We all know now that a strong peso hurts the OFWs, the BPOs and the exporters.
    I am neither an economist nor a banker and I am not sure if my idea is workable. All I want is a solution to the artificial appreciation of the peso.

  • http://pulse.yahoo.com/_FASESU6FPUXJCZMOVMMFEEMLGU Carmencita Lopez

     just like the price of the jollibee stock. it is supposed to always match the price of chickenjoy.

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

    GO GO GO PHILIPPINES….WE’RE BACK ON LINE

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