PH stocks break 6,800

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photo from pse.com.ph

MANILA, Philippines—The local stocks index broke past the 6,800-mark to a new all-time high on Wednesday as an overnight rise in US stocks to record highs and the strong earnings performance of Philippine blue chips boosted investors’ risk appetite.

The main-share Philippine Stock Exchange index soared by 123.49 points or 1.84 percent to close at 6,835.21, marking its 23rd record closing for the year.

“I think the market is discounting the possibility of further cuts in SDA (special deposit account) rates by BSP (Bangko Sentral ng Pilipinas) and with the recent earnings results in the fourth quarter by some corporates, the market is anticipating possible upside on first quarter earnings,” said Paul Joseph Garcia, senior vice president and head of Odyssey Funds at Bank of the Philippine Islands.

Garcia said most blue chips were getting equity inflows from foreign funds as well as local funds which are reallocating part of their portfolio from SDAs and fixed-income instruments to equities.

“Retail clients in SDAs are moving to balanced funds and equity funds because of declining interest rates on SDAs.  Why wait for the next cut (in SDA rates)? They are switching to equity funds now,” Garcia said.

But Garcia said the local market may see a correction soon. “I think before the Holy Week (last week of March), the market will consolidate and there may be profit-taking by market participants,” he said.

Across the region, risk appetite was high after the Dow Jones Industrial Index closed at a record high 14,253.77 (+0.89 percent) overnight on expectations that major central banks would keep an easy monetary policy.

Value turnover for the day amounted to P13.2 billion.  There were nearly twice as many advancers (117) as there were decliners (61).

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  • roger1099

     Will someone explain what is the meaning of 6800 local stock index.

  • http://www.facebook.com/pulang.dragon Ronald Tan

    OLIGARCHS Lang nakikinabang jan

    • help_our_country

      Yes…but you can take a slice on the pie if you invested in their companies! Be a shareholder!

    • http://profile.yahoo.com/RDDM5UQ45HLPPKM66KYEBCMTCE dave

      5k lang capital pre, pwede ka ng tumaya sa Capital Market.

  • NoWorryBHappy

    All this wealth means NOTHING if  “all inclusive growth” remains a figment of the imagination.
    If only 1% of the population benefit from this new wealth then we are creating fantasy world
    that can disappear instantly. And then we go back to not even square one but zero. It doesn’t hurt to  stop and take a break to see where we are and what direction we’re going.

    • Sandy Bulet

      but i strongly believe that all of us are “NOTHING” if we are not doing our share to make this country a better place to live in…

    • http://profile.yahoo.com/RDDM5UQ45HLPPKM66KYEBCMTCE dave

      i don’t think of your 1% is true. as a matter of fact, more than 30% from the mid income earner now are into stock marketting. Baka naman napagiiwanan na po kayo. Why not try to invest/save for your future and for economic contribution. Lame excuse of having no money at all.

  • Weder-Weder Lang

    Mabuhay ang new record high ng PSEi 6800!

    Mabuhay ang hot money inflow!

    Mabuhay si Doris Dumlao, the undying cheerleader of hot money and bubble.

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

    “Hot money chasing quick profits is a sure sign of speculators’ confidence in a bubble.” — Warren Buffett on CNBC interview with Maria Bartiromo

    • barcelona03

      @RalphRecto:disqus why don’t you stay away from the stock market and from doris dumlao’s reports then.  

      • Weder-Weder Lang

        Because we live in a free world. You have a problem with Warren Buffett’s comment on hot money?

        And didn’t I tell you it was going to be a piece of cake to hit 6800.

      • barcelona03

        Hahaha there you go again failing in reading comprehension.  No, my problem surely isn’t with Buffett but with you because you read each and every single article written by Doris Dumlao and then you criticize it. Like a crazed stalker fan. 

        As for stock market reaching 6,800.  Huwaw, sorry no one’s impressed with your prediction kuno.  Lahat ng fund managers said the SAME thing.  Most predicted 7000 to 7500.  And they will be correct too.  In fact, Colfinancial predicted 10,000 is coming in a few years.  Again, it’s not too late for you to swallow your pride and invest in the stock market.  

      • Weder-Weder Lang

        Sabi ko naman sayo, my money is in gold. Don’t worry, it’s doing even better. See you around in PSEi’s next new high.

      • http://www.facebook.com/people/Robert-Parago/100002465830418 Robert Parago

        Apo ka pala ni Yamashita…bakit nagtiatiaga ka dito sa Pilipinas! Ikaw ang No. 1 fan ni Doris. Hooray!

  • MeganF23

    Huwag iboto ang mandarayang si Zubiri pati ang tuta ni Arroyong kurakot na si Mitos.
    Kalimutan nyo na rin ang talunang si Gordon at Maceda.
    Pati na rin ang walang trabaho na si Nancy Binay at anak ng fake assassination, architect of martial Law. Forget nyo na rin ang anak ng convicted Plunderer.
    Walang kwenta ang UNA party puro pala samahan ito ng mga bugok na itlog na sisira sa ating bansa.

    • http://pulse.yahoo.com/_JEMNLLYAP5EA7SM3A6QUOGV62Q Chris

      UNA sa katiwalian..

  • tea tinio

    with the wealth held by only a few families. whats new?

    • help_our_country

      If you invest and become shareholder of the companies held by only few families,then there will be “new” to your life.But if you just let them and do nothing…you will be left behind for sure.Thanks

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