ON A HIGH NOTE Traders blow paper horns as they celebrate the last trading day of 2011 at the Philippine Stock Exchange in Makati City on Thursday. The Philippine stock market was the best performer in Southeast Asia. AFP
The local stock market climbed for a third straight year as the main-share index closed 4 percent higher to end the year at 4,371.96 points.
On the last trading day of 2011, the Philippine Stock Exchange index racked up 35.33 points or, 0.81 percent, on the back of window-dressing activities.
The index closed at the session’s high, allowing the market to recoup losses due to profit-taking in the last two days.
This year’s 4-percent index gain is lower than those seen in the last two years. But given the global financial crisis, the local bourse still outperformed most markets in the region.
The PSEi surged by 63 percent in 2009 and 38 percent in 2010.
“It’s not bad considering the global turmoil,” said fund manager Gus Cosio of First Metro Asset Management Inc., referring to the PSEi’s gain. “The Philippines is still the place to invest.”
Cosio said he was looking forward to a “great year” ahead.
A PSE report showed that capital raised at the bourse this year hit P107.5 billion, the highest amount raised in a single year and up 26.6 percent up from a year ago.
Five companies listed in 2011—Megawide Construction Corp., Puregold Price Club, Cirtek Holdings Philippines Corp., Calapan Ventures Inc. and Touch Solutions.
Total value turnover during the year hit a record high of P1.42 trillion, 17.8 percent higher than the year-ago level.
Foreign investors had gone into the net buying territory in 2011, in the amount of P56.2 billion.
The mining and oil index was the best performer this year, posting an increase of 68.5 percent.
Across the region, stocks traded with caution as tense global markets await an upcoming Italian bond auction.
At the local market, holding firms and services led the day’s rebound, rising by 1.4 percent and 1 percent, respectively. Only the mining index ended lower.