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Philippine stocks breach 6,500 for first time in history

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Photo from pse.com.ph

MANILA, Philippines— The local stock index closed above 6,500 for the first time on Wednesday as cash-awashed investors chased yields and bet on the country’s good macroeconomic prospects.

The Philippine Stock Exchange index surged by 68.06 points or 1.05 percent to finish at 6,527.99.

“Everyone is in love with the Philippine market,” said Astro del Castillo, managing director at investment management firm First Grade Finance Inc.

“The PSEi almost seems impervious to market corrections.  The formidable macro backdrop, highlighted by the BSP (Bangko Sentral ng Pilipinas) in its economic briefing (Wednesday morning), is likely to keep valuations elevated longer than so far assumed,” said Mark Angeles, head of research at First Metro Securities.

Stock dealers said this continued to be a liquidity-driven rally as investors continued to gobble up stocks in a low-interest rate environment.  This is amid rosy prospects for corporate Philippines as well as the macroeconomic backdrop this 2013.

This run-up fulfilled albeit a few days late the birthday wish expressed by President Benigno Aquino III during his Switzerland visit: that the PSEi hits 6,500 by his birthday (Feb. 8).

Firmer overseas markets also supported risk-taking at the local market even as many Asian investors were still on holiday due to the Lunar Year turnover break.

ALI (+4.58 percent) led the day’s upswing after beating consensus profit forecasts for 2012.  ALI grew 2012 net profit by 27 percent to a record high P9.0.

Megaworld, BPI, URC, MPI, ICTSI, SMDC, Semirara, Metrobank and Petron also contributed significant gains to the PSEi.

On the other hand, the day’s laggers were RLC, AGI, Aboitiz Power and Belle. RLC announced a modest 3-percent increase in October to December net profit, the first quarter in its fiscal year ending September.

Value turnover amounted to P8.28 billion.  There were 112 advancers that overwhelmed 52 decliners while 50 stocks were unchanged.

Meanwhile, the PSE unveiled plans to enhance its online disclosure system used by listed companies to better serve investors.

In July 2005, the PSE provided 24/7 online system access to listed companies for the submission and announcement of company disclosures through an Online Disclosure System (ODiSy). The ODiSy manages three key areas: compliance by listed companies with disclosure rules, extended service accessibility on the Internet, and operational efficiency with the immediate processing of each disclosure submission.

The proposed enhancement envisions the adoption of best practices for listed company disclosure. Under the new system, pertinent information contained in financial reports and other required disclosures relating to material corporate actions and transactions, such as dividend declarations, notices of meetings, rights offerings and public float reports, will also be submitted in an electronic format that can be transmitted directly to analysts and data providers via their respective systems. At present, disclosures are all submitted in PDF format where information is extracted using separate procedures by different users.

“The PSE is at the forefront of improving its online disclosure infrastructure and services to our listed firms. The enhanced features of the online disclosure system will help hasten the distribution of information to the public and, in the long run, rationalize the regulatory requirements for listed companies,” PSE president Hans Sicat said.


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Tags: macroeconomic prospects , Markets and Exchanges , Philippine Stock Exchange , Philippine stocks , Phisex , Stock Activity , Stock Market

  • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

    Any positive news is good news … just a word of caution, however,  this might just be a spike in the market. As we all know conditions in Europe, the USA etc are not “interesting” kaya ang mga bigtime players naghahanap yan kung saan maganda maglaro. Philippines is one showing some promise. One investor buys a chunk and the rest of the bunch do the same …. it is normal that the market will move upward … what if these investors upon seeing their target dump their stocks … what will happen to the market? Our policy makers must adopt measures to prevent market collapse. Structural changes must be implemented so the surge will flatten and become more sustainable and not susceptible to wide fluctuations.

    The government must hasten changes to make the playing field level … drastically reduce corruption, improve peace and order … educate the voters … the next election will serve as the next check point where this country is heading … this a very important one!!!

  • UrHONOR

    PERO mag-iingat ang mga walang alam sa stock trading or investments……you can lose your shirt, ‘ika nga, and everything else, including your house if you plunge into something you do not understand, tulad ng nangyari sa mga Checks sa HK at sa mga Japs noon ng sumirit-ng-sumirit ang merkado sa kanila.  Hindi madaling matutunan ang INTRICACIES ng trading,  pero maaaring pag-aralan.  Hands-on experience is a mile more desirable than just merely reading.  Subait kung INVESTMENT sa pakay,  maglagay ng hindi kinakailangang pera sa mga tinatawag na “blue chipsz’ ng PSEI at hayaan na lang doon hangga’t dumating ang pagkakataon ng pangangailangan.  Maraming matitibay na kompanya na maaaring paglagyan tulad ng PLDT, Meralco, First Gen, Globe, Jolibee, Ayala Corp, JGS, at Aboitiz Power.  Makikita ang mga produkto nitong mga kompanyang ito sa pang-araw-araw na gamit, kaya hindi badta-bastang mawawala sa eksena.  Sa mga malalakas-an-loob na may atik, maraming mga emerging companies na maaaring i-trade:  PG, EDC, FLI, at ang nabanggit ko ng paborito ko, ang DNL.  

    All in all, do your due diligence…pag-aralan ng mabuti bago sumuong sa butas.

  • rodben

    Sa una ang bango ng administration ni Noy2 habang tumatagal sumasama ang amoy sa karaniwang Pinoy,,,ginaya kya ito kay Ate Glo o pamana?

    • latino_boom

      Geh ikaw na

  • FILIPINOpatriot4ever

    Great!  So happy for my homeland!

    God bless the Philippines.

  • rodben

    It’s time now for DSWD to give capital to all millions poor Pinoys and educate them on how to deal in PSE….if they are serious to help poor Pinoys?….

    • http://www.facebook.com/profile.php?id=100000173498170 Herman Near

      No need for that. There is help to those who want to invest. Go look up John Calub and The Truly Rich Club.

  • Padre Damaso

    I hope this continues, now lets revive FOI and Fight Corruption so that the peole can get the benefits they deserve.

  • http://pulse.yahoo.com/_BL2GYU35SO6HTJUEAUTXS3QFYM George Lapulapu

    now let this confidence translate into kanin at ulam on the plate of karaniwang pilipino….

    • http://www.facebook.com/profile.php?id=100000173498170 Herman Near

      Easy, if you’re motivated and have the skills, and think positive.

      But if you’re a whiner and a negative thinker– haha.

      By the way, saying you want it AND following thru with actions and persistence sets apart people who simply declare they are positive but do nothing.

  • bongarroyo

    ang mga talangka talaga oo…
     
    kapag ang laman ng balita ay bumabagsak ang ekonomiya ng pilipinas…kasalanan ni PNoy iyan.
     
    kapag naman lumalago ….dapat ang pasalamatan ay si gloria.. LOL
     
     

  • Diablo_III

    I’m ecstatic about our gains in the stock market because I benefited too from my investments. Hopefully it will breach 7000 or maybe 10000 at the end of PNOY’s regime. GO PHILIPPINES..

  • japokjackpot

    juan tamad at juan talangka kumilos na kayo. ambabagal, ansisiba at reklamador nyo…!



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