Stocks still rising; PSEi at 6,565.23

The local stock market surged to a new record high Monday on good news 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 close at 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 more than 1 percent. Only the mining/oil counter was in the red, although Semirara had started to recover from last week’s selldown after a landslide at its Antique mine killed at least five people.

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 were 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). Doris C. Dumlao

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