Philippine stocks keep on rising on bright prospects for 2013

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MANILA, Philippines — Local stocks closed at a new all-time high on Monday led by cyclical banking and property stocks on robust prospects for 2013.

The main-share Philippine Stock Exchange index racked up another 32.25 points or 0.57 percent to close at the day’s peak of 5,672.70, the highest level ever hit by the index.  The PSEi has now hit record highs for the 33rd time this year.

The index was led by the financial (+1.72 percent) and property (+1.28 percent) counters.

The outperformer among index stocks was BPI (+6.74 percent) which has been having merger talks with Philippine National Bank, a prospective deal that could catapult it to the top of the local banking industry in terms of size.

Other index gainers were Megaworld (+4.38 percent), SM Prime (+3.86 percent), Meralco (+3.66 percent), AEV (+3.45 percent) and AC (+3.08 percent).

AP, MPI, Jollibee and URC also all gained by over 1 percent.

On the other hand, the PSEi’s gains were tempered by the decline of Philex (-3.08 percent), AGI (-2.45 percent) and PLDT (-2.17 percent).

Metrobank, in its daily commentary, said some pullback on the domestic market might be expected “as is warranted from its rise to recent highs.”

“Also, continued volatility brought about by U.S. fiscal cliff worries will remain to haunt investor confidence. However, a bullish stance is preferred on the medium- to long-term for Philippine equities. Major market corrections may be viewed as a chance to enter (or re-enter) the market,” it said.

A key index support was seen at 5,500.

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  • http://profile.yahoo.com/RHLCQTO3QMSHBPQHUNONLOKMRU yahoo-RHLCQTO3QMSHBPQHUNONLOKMRU

    The good thing guys is to invest in stock market instead of putting your money in high interest/profit scam.

    I’m enjoying the increased in my PSE porfolio, YES I’m making money as of this time.

    Hope it will continue, keep on investing on our stock exchange, sana matuto lahat ng mga tao na mag invest kahit small amount lang every month.

  • Padre Damaso

    I hope this will go the upward trend, so that many Filipinos will feel the effects. If we put our heads together we can achieve higher.

  • NoWorryBHappy

    If we reach 5700 by the end of 2012, we’ll reach 12,000 by the end of President Noynoy’s term.
    If we reach 5800 by the end of 2012, we’ll reach 14,000 by the end of President Noynoy’s term.
    But if we reach  5680 by the end of 2012, we’ll reach 11,000 by the of President Noynoy’ term.
    Since we are already in the 5600-ish, for sure we’ll reach 10,000 by the end of President Noynoy’s term,

    • kalikasanipagtanggol

       Would you be willing to wage a bet? It will not even reach 10,000 by the end of pnoy’s term.

      • CmdrAdobo

         it will never reach 6500

    • Diablo_III

      I hope so…and we’ll gonna be a Lion, Tiger economy or whatever they call us. Wag lang sana maging pusa….

    • http://pulse.yahoo.com/_433AYTAQRGRQD6CNXQKWD5ZZHY Sword

      If I impregnate a girl today, she will have 1 baby inside her on the first trimester. By the time she reaches the third trimester, she will have hundreds of babies inside her! Wow, extrapolation is such a useful tool!

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