PSEi breaches new record high past 5,300

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MANILA, Philippines–The local stock index rallied to another historic high breaching the 5,300-mark on Thursday as optimism over first quarter local corporate earnings prevailed over the sluggish regional sentiment.

The main-share Philippine Stock Exchange index surged by 71.57 points or 1.37 percent to 5,300.41.

“Philippine equities continue to surge despite the lackluster performance of Asian markets. Investors remain sold on the country’s growth story and that company earnings will likely come in as expected,” said First Metro Securities president Gonzalo Ordonez.

“Valuations remain expensive but early first quarter results show higher odds of earnings catching up,” Gonzalo added.

All counters contributed to the upswing but the sharpest gains were posted by the holding firm and property counters which respectively jumped by 2.54 percent and 1 percent.

Value turnover amounted to P9 billion. There were 83 advancers which edged out 79 decliners while 42 stocks were unchanged.

The index stocks that gained the most were AGI, PLDT, MPI, Philex, SM Prime, Metrobank, Ayala Corp., BDO, SMIC, JG Summit, ALI and DMCI.

AGI shares were up by about 3 percent. Tycoon Andrew Tan’s holding firm reported that the four real estate brands of its property arm Megaworld Corp.
posted very strong reservation sales amounting to P 16.4 billion for the first quarter, up by 52 percent from a year ago.

Other non-index stocks that gained in heavy volume were Bloomberry, Security Bank and Philex Petroleum.

Fund managers said investors were loading up on local equities with a longer term view especially given rosier expectations for 2013.

It was reported on Thursday that Philippine economic managers were confident that the domestic economy could grow by 5-6 percent this year, faster than the 3.7 percent growth last year.

Trading was meek elsewhere in the region as risk appetite was tempered by concerns in the US and euro-zone economies.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • http://profile.yahoo.com/JHVERFZLEHNK6P3IOF4ASKJ43Y MALBERT

    OK! GO GO PSEi!!!

  • trader003

    ganyan talaga ang buhay. Life is not fair. 

  • CmdrAdobo

    Nice. The rich people are now richer.

    • redpula

      indeed, while a lowly paid employee receive not more than a 100 square meter of land to own.

      • Laurence Mercado

        I’m all for the farmers but this is a good thing not just for the rich but for the whole country. I agree that 100 square meters is not enough but that doesn’t mean that we cannot rejoice about our economy doing well. From what I gather, with your name, you might be someone who believes in communist ideals. You criticize good news like this for the Philippines but you stay mum on the Chinese invading our islands. Which side are you really on?

      • redpula

        let me tell you how to use disqus why don’t you click on my user name and see how i wrote articles on my conviction, people like you simply generalize things. You must accord respect irrespective of its users name i dare challenge you to prove your claim, It is a shame that you may have earn an education yet you judge based on a users name, for pete sake,i think you failed logic in your college days. Would you like me to post my links to prove your wrong, oh by the way, i am a law student, it is you who accused me of being mum on the Chinese invading our islands, well do you have any proof to sustain your argument MR. LAURENCE MERCADO, or you honestly admit that you committed fallacy of non sequitor.

      • redpula

        you only commented ONCE as in 1, UNO, Um, Wahid… you don’t know how many i’ve posted in this channel, and number of persons responded in my article. go view my profile here in disqus find time to read them all ha, before you jump the gun on me.

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