Quantcast
Latest Stories

Philippine stock index up on 4th straight day, nears all-time high

By

PSE index as of October 17, 2012 03:46:00 PM. Screengrab from http://www.pse.com.ph/

MANILA, Philippines – The local stock market continued its winning streak for the fourth session on the back of upbeat global sentiment, lifting the main index back to the 5,400 levels and closer to all-time highs.

The main-share Philippine Stock Exchange index rallied by 38.44 points or 0.71 percent to finish at 5,438.38.  The index is thus nearing the all-time high close of 5,443.74 posted on October 4 and the record intra-day high of 5,484.63 seen last October 5.

“Global markets are on a bull run,” said stock market veteran Wilson Sy, director of the fund management firm Philequity Management Inc.

All counters surged except for services (-1.09 percent), whose index was weighed down by index heavyweight PLDT (-1.03 percent) and ICTSI (-1.41 percent). The financial, industrial and mining/oil counters led the day’s upswing as their sub-indices climbed by over 1 percent.

Value turnover amounted to P7.32 billion.  There were 89 advancers versus 66 decliners while 53 stocks were unchanged.

SM stocks particularly SMIC (+2.22 percent) and SM Prime (+2.38 percent) were briskly traded on the back of a consumer play.  Other index gainers were Jollibee (+4.1 percent), BPI (+3.87 percent), URC (+3.43 percent), Megaworld (+2.5 percent), EDC (+1.94 percent), RLC (+1.25 percent), AC (+1.25 percent) and DMCI (+1.06 percent).

On the other hand, AGI, ALI and Manila Water succumbed to profit-taking alongside PLDT and ICTSI.  Among non-index stocks, investors also locked up gains from Bloomberry (-7.21 percent), selling on news after the company discussed a masterplan for the gaming hub set to open by March 2013, the first in the Pagcor City complex.

Local investors took heart from rallying global markets as aninitial stream of US corporate earnings beat expectations.  At the same time, investors were relieved that global credit watcher Moody’s Investor Service affirmed its Baa3 investment grade sovereign rating on Spain, which allayed concerns of downgrade to junk status.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , global economy , Markets and Exchanges , Philippine Stock Exchange , Stock Activity , Stock Market

  • blainz

    The economics ‘student’ appears to be doing much better than the economics ‘teacher’ did.

  • NoWorryBHappy

    OMG !!!
    And all the way to 5600 by year-end.
    Definitely one of Asia’s best performing stock exchanges !
    And 10,000 by the end of President Noynoy’s term.
    Let’s set our goals high. This is our chance.

    • OFW28

      Agree with you, PSEi12000 by June 30, 2016

      • http://twitter.com/Sizzle75Ian ian martinez

        When Phils labor is so cheap and world prices so high, anyone can make bigbucks

  • Meow Ming

    sabay bagsak by friday just like what happen last week, wag naman sana. o_O

    • Count du Fount de Cakes

      well it all depends on the profit takers… you can’t blame people from taking profits… hehehe



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace