PH stock index marks a new high

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Local stocks rallied to a new record high on selective buying on Thursday, overcoming a rough start and bucking a regional downturn.

The main-share Philippine Stock Exchange index gained 18.84 points, or 0.28 percent, to close at 6,667.41. This marked its 20th record finish for this year.

The day’s rally was led by SMDC (+7.57 percent) and Jollibee (+5.93 percent).

SMDC and parent firm SMIC (+1.59 percent) rose as the market digested the impact of a property consolidation mulled by the group of Henry Sy.

AEV, ALI, RLC, MWC, BPI, BDO and PLDT also contributed to the day’s gains.

The market started the day in negative territory, reflecting cautious sentiment across the region due to talks that a big hedge fund was pulling out of commodities investing, along with reports that the US Federal Reserve may slow down its bond buyback program.

Despite the overall index gain, buying was very selective. As such, the day’s 59 advancers were outnumbered by 117 decliners, while 38 stocks were unchanged.

Value turnover amounted to P10.8 billion.—Doris C. Dumlao

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  • NoWorryBHappy

    More good news from Bloomberg Asia Edge:
    Philippine Stocks Beat World Stocks By 124%.
    Philippine Economy is now ASIA’s THIRD FASTEST GROWING ECONOMY
    next to China and Thailand.Inflow of foreign capital into the Philippine economy is an affirmation of foreign investors’ confidence on the economic programs and ANTI-CORRUPTION drive of the Aquino government.
    Google it.

  • Weder-Weder Lang

    “The continuous inflow of hot money into our stock market is a sure sign of the world’s confidence in Daang Matuwid.” — Aquino

    “Hot money chasing quick profits is a sure sign of speculators’ confidence in a bubble.” — Warren Buffet

    It’s always nice to see Doris Dumlao cheering the new highs of PSEi as if paper wealth will improve the fundamentals of our economy.

    • http://pulse.yahoo.com/_SGC2JDPC5ZP4LM22LLX4KTLPVA red

       In a way you are right short time investment for profits , but the fact that there is confidence that would encourage those who do not invest in PSE to do business in the Philippines. But , Pnoy has still to reform or remove the red tape in doing business in the Philippines

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