PSEi breaks 7,000-mark

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A general shot of the Philippine Stock Exchange in Makati. INQUIRER FILE PHOTO

MANILA, Philippines – The local stock market raced to new record highs on Monday, allowing the main index to breach the 7,000-mark for the first time, on optimism over first quarter local corporate earnings reporting season.

The Philippine Stock Exchange index rallied by 75.86 points, or 1.09 percent, in the morning trade to 7,032.96.

“The PSEi breached the 7,000 level and continues to be one of the ‘it’ markets of 2013. Bullish sentiment has taken over as first quarter earnings releases go into full swing,” said Mark Angeles, head of research at First Metro Securities.

Some dealers said expectations that a second global credit rating firm may issue an investment grade rating on the Philippine sovereign as early as May also excited investors.

The upcoming monetary setting of the Bangko Sentral ng Pilipinas on Thursday, whereby another hefty cut in the rates on special deposit accounts is widely expected, is also seen driving some yield-seeking investors to equities.

SM and Ayala stocks traded higher in heavy volume in early session. SMIC (+2.22 percent) and BDO (+2.71 percent) were boosted by BDO’s record-high P20.4-billion profit guidance for 2013, of which P10 billion had been achieved in the first quarter.

Ayala Corp. (+3.95 percent), Ayala Land (+0.95 percent) and BPI (+1.83 percent) also rose on upbeat outlook and fresh expansion plans.

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  • Handiong

    Of course, the naysayers, gripers, whiners, and slackers, all proud members of the Stupidati, will dig their heads deeper in the sand and dismiss this news as propaganda, or credit it to anything and everything other than to the policies and governance of the Aquino Administration.

  • Yahoogle

    So, profit-taking in the next few days?…

  • DIGOYBULOY

    waaaaaaaaaaaaaaahhhhhhhhhhhhh… ang dami ko nang pera!!! thank you PSEI! No thanks to Abnoy! Kung si Binay sana presidente natin, baka comfortably retired na ako ngayon

    • mark_john21

      magsama kayo ng pangulo mong maligno.

    • Twister12

      komportable ka talaga kung si Binay kasi maambunan ka ng kinurakot heh he

      • DIGOYBULOY

        LOL.. hindi naman.. isipin mo nalang kung umbaot tayo sa 7000 sa Pangulong walang ginawa.. paano pa kaya kung sa Pangulong may nagawa

      • Yxon

        oo nga, maraming ginagawa …pareho ng… isang floor ang sa akin sa bwat condong gagawin…libre ang bawat birthday celebrant na elderly, pero sa akin ang tagagawa (at overprice yan ha)…libre kabaong bawat mamamayan na mamatay dito, pero sa akin ang tagagawa (at overprice pa rin ha)…yan ang may ginagawa

  • Dagupan LED Lights

    hope this is not a large bubble

    • http://twitter.com/erncastillo ern

      whatever it is, I think this is a good sign of development, rather than zero or negative. With the experience and lessons in the west, the investors should know in which direction they must go.

    • boboposter

      Protect your profits as much as possible. Basta wag greedy hehe

  • pinoysadubai

    wow! more good news please….

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