PH stock index closes at 6,565.23 on good news from G-20 meeting, local firms

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MANILA, Philippines — The local stock market surged to a new record high on Monday on good tidings from the recent G-20 meeting and a string of favorable local corporate developments.

The main-share Philippine Stock Exchange index added 43.59 points or 0.67 percent to its highest ever finish of 6,565.23. A new intra-day peak was also hit at 6,582.51.

The cyclical financial and property counters led the day’s upswing, both rising by over 1 percent.  On the other hand, only the mining/oil counter was in the red although Semirara had begun to bounce from last week’s sell-down after a landslide at its Antique mine that killed at least five people.  Five other entrapped miners are still missing.

Value turnover amounted to P8.86 billion.  There were 97 advancers that edged out 86 decliners while 41 stocks were unchanged.

The day’s biggest index gainers are SM Development (+11.18 percent), Petron (+3.37 percent), SM Prime (+3.17 percent), Semirara (+3.11 percent), Megaworld (+2.72 percent), Manila Water (+2.46 percent), Metrobank (+2.22 percent), BDO (+2.03 percent), Jollibee (+1.71 percent) and SMIC (+1.01 percent).

Manny Cruz, chief strategist at AsiaSec Equities, said Monday’s upswing was influenced by the upswing in most Asian markets after the world’s group of wealthiest nations under G-20 did not censure Japan’s currency management.  G20 only referred to a commitment not to target exchange rate for competitive purposes but was silent on Japan, whose currency has been weakening.

Cruz said the local market also benefited from a string of corporate developments that helped boost market optimism, including upbeat news reports on the property counter.  For instance, he noted ALI’s unlocking of property values from FTI as well as CPG’s new office and hotel projects in Bonifacio Global City.

SM stocks were also seen buoyant on speculation of some key portfolio realignment across the SM group’s property subsidiaries.

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  • http://profile.yahoo.com/ZUGKMNYSK2ZSSS4B2LVNDWP5XM lagalag

    Marami paring utak talangka dito, basta ako happy, lahat green portfolios ko. Time to shop…..taas ng kinita ko sa stock…..

    • M0WF0W

      Before, i dont give a F with the PSEi, until I noticed that if the index goes up so does my portfolio. now i give a F so lets go 8,000! TROLOLOL

      • M0WF0W

        just took profit today, i smell some correction tomorrow QUAK QUAK QUAK

  • Weder-Weder Lang

    Wow! Doris Dumlao cheering new PSEi high thanks to influx of hot money!

    The entire nation is so looking forward to Doris Dumlao cheerleading PSEi at 6600! Wow!

  • parefrank

    It is really funny. PH stocks and the peso rise on every news that are good for other countries, not at real local improvements. Good news from local business are solely based on profits out of permanent increasing local peso prices, esp. of goods which are imported with less pesos due to the extreme overvalued peso. All is held together with the cheap dollar remittances which means at the expense of OFW families which get less and less pesos for their allotments. All the advantage of a high local currency go to BSP, government and importing business. Really a very special Pro Poor policy….

  • upupperclassman

    What good news from G20 meeting? There was none! While G20 did not censure Japan, the problem is recognized and Germany is not happy about it.

    • seraq

      they did not censure japan bec they did what they did to get out of recession, and if they grow this year it would contribute to world growth, germany is always unhappy bec they are always pessimistic about world growth  compared to germany

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