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PH market posts 29th all-time high

MANILA, Philippines—The local stock market on Monday posted a new all-time high—the 29th this year—as a rosy outlook for 2013 alongside banking merger and acquisition (M&A) talks kept investor sentiment buoyant.

The main-share Philippine Stock Exchange index jumped 27.08 points, or 0.49 percent, to a record finish of 5,579.42. The index also hit a new record intraday high of 5,585.09.

The upswing continued to be led by banking stocks, which perked up the financial index by 1.62 percent.

JP Morgan Securities Philippines Inc. executive director Gilbert Lopez said investors were positioning ahead of an upbeat 2013 but noted that a big factor behind the PSEi’s surge to record highs was banking M&A excitement.

“People regard the merger as something positive but they are kind of moving ahead because a merger is not sure yet,” Lopez said. In the end, Lopez said he believed it was still BPI that was most likely to forge a deal to take over PNB given that the Ayala-led bank was trading at a much higher price-to-earnings multiple compared to either Banco de Oro Unibank or Metropolitan Bank and Trust Co.

For the Lucio Tan Group, Lopez added that once the conglomerate has been restructured by the first quarter of 2013, it would be more attractive to investors if the shares to be sold by LTG under a follow-on offering factored in a bank exposure that would be under a BPI entity than under PNB.—Doris C. Dumlao

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Tags: Philippine Stock Exchange , Philippines , Stock Activity , Stock Market , stocks

  • NoWorryBHappy

    I am telling you.
    Sinasabi ko na sa inyo: 5600 by the end 2012.
    12,000 by the end of President Noynoy’s term.
    Let’s set our goal high so that if we attain 10,000, it is still a far better achivevment.
    Kudos to our President and the Filipino people !

  • Sleeping_Drag0n

    This is good news for the country indeed. Hope that the effect of this positive business sentiment be felt by every Juan.

  • http://pulse.yahoo.com/_EDXEVEFHW2ZT5VWHDWBNM6XGE4 RyanE

    The peso has appreciated too much, with both positive and negative effects. Positive for imports but negative for exports and OFWs.

  • robrano

    Rosy outlook? For whom? The few rich or the poor masa? Maybe it needs a rosy eyeglass? Or are the foreseeable billions for election manipulation or vote buying the reason, like at every election? Then it is a very shortliving rosy outlook

    • ofwme2807

      financial analyst???do you know anything about economics???rosy outlook shortlived??hahaha its the story all year round now and one more did you not read its the 29th record for the year and yet its still shortlived?the PSEI is one of the best performers in Asia if not in the world…Do you know how much foreign buying now made in the market…wag mg comment kung walang alam para wag magmukhang mangmang hahaha

    • willbillywilly

      Instead of making criticizing your expertise, why not concentrate on your business so you too can enjoy the upbeat mood of the businessmen

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