PH stock index hits new all-time high

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PSE index as of February 05, 2013 03:46:00 PM. Screengrab from http://www.pse.com.ph

MANILA, Philippines—The local stock market allied to a new record high on Tuesday, bucking the downtrend across the region, on good local macroeconomic outlook for 2013.

Overcoming rough trading early in the session, the main-share Philippine Stock Exchange index added 34.51 points or 0.54 percent to a new all-time high of 6,470.49.  This marked the 15th record finish for this year and the 76th since President Aquino assumed office in mid-2010.

Dealers said the Philippine growth story amid a still cautious global outlook for 2013 was attracting new investors.  A benign inflation rate of 3 percent in January also affirmed the soundness of the country’s macroeconomic fundamentals.  At the same time, historically low interest rates have encouraged investors to seek better yields in equities.

John Sturmey, Religare global head of equity capital markets based in Singapore, said on Tuesday there was a good chance that the Philippine Stock Exchange index could rise by another 20-25 percent this year.

“Every single fund we talk to, they want to look at the Philippines,” he said.

The local stock market went up for the third consecutive day.  The index is now nearing the 6,500-mark which President Aquino recently cited as wishful thinking for his birthday on Feb. 8.

On Tuesday, all counters firmed up except for property (-0.51 percent).  The biggest gainer was services (+1.03 percent).

Turnover for the day amounted to P9.57 billion.  There were 87 advancers against 84 decliners.

The day’s biggest index gainers were AGI (+3.54 percent), SMDC (+2.99 percent) and ICTSI (+2.33 percent) while BPI, Petron, SMIC, BDO, Philex, PLDT and AEV also contributed large gains to the PSEi.

On the other hand, investors pocketed gains from Megaworld (-3.71 percent), Metrobank (-1.3 percent), ALI (-0.33 percent), SM Prime (-0.77 percent) and DMCI (-1.82 percent).

Outside of index stocks, Puregold and Bloomberry also fell on profit-taking.

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  • http://profile.yahoo.com/OWNWCGANYNERXTTZXJDY6KGPJM James Barrett

    The Stock Market is not a barometer of economic sucess of any country, this is not a long term investment and can be withdrawn anytime, real long term investments are the one who is putting up a building for manufacturing or built in transfer schemes that can generate employment and in return reducing poverty level and making workers into middleclass.

    • alvindrl

      wow! expert.

  • http://profile.yahoo.com/YDONGSOZG2CKOBHNWCCFEF6QBQ Peace man!

    Wow! This index just keeps on climbing up!

    Any idea how can we make this growth inclusive or generate a lot of jobs for Filipinos?

    Any comment or idea?

    • NoWorryBHappy

      Here’s what I would do:
      1 – Employ those already with skills.
      2 – Invest in Education and Technology
      3 – Partner with the private sector on infrastructure development
      4 – Continue with our tourism push
      5 – Loosen a bit on foreign ownership of companies
      6 – Eradicate political dynasties

    • seraq

      prevent manipulation like in the times of erap and gloria so that everyone can trust and invest in the stock market

  • Jun Go

    kudos sa positive sentiments.

    sana nga lang umabot sa ordinaryong juan dela cruz, kaysa sa mga don at dona ng lipunan lamang.

    ang paglago ng ekonomiya ng bansa ay dapat ring pag-unlad sa dukhang maralita sa lansangan at libliban ng bansa.  at kung ang isa ay aangat, lahat sa na ay umangat din.

    at sana ang mga tiwali sa lipunan ay matutunong iwaksi ang pansariling pakay at kapangyarihan.

    pilipino para sa pilipino.  ang asensyo ng isang juan dela cruz ay asenso ng buong pilipinas.

  • Handiong

    The naysayers, whiners, gripers, and ne’er-do-well’s will again hide their heads in the sand.

    • ProudPinoyinLosAngeles

      Couldn’t agree more! I sorta miss em though! LOL

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