Philippine stocks near record highs

MANILA, Philippines—Local stocks resumed their climb to nearly record-highs on Thursday, boosted by news about the strong economic growth in China and expectations of a third round of monetary easing by the US Federal Reserve.

The main-share Philippine Stock Exchange index added 19.55 points or 0.44 percent to finish at 4,423.55, rising for the second consecutive session.

The index is now nearing the record high of 4,439.61 hit on July 5.  Since the start of the year, the index has advanced by 223.55 points or 5.3 percent.

The day’s upswing was led by the financial counter, which gained 1.2 percent. On the other hand, the mining/oil counter succumbed to some profit taking, resulting in a 0.39 percent index decline.

Value turnover amounted to P5.26 billion.  There were 76 gainers as against 63 decliners while 45 stocks were unchanged.

Metrobank, Philex, Meralco, ICTSI, DMCI, BDO and AGI led the index higher. GERI, Lodestar, PNB and East Asia also gained in heavy trade.

On the other hand, the index was weighed down by profit-taking on Lepanto A and B, BPI, SM Prime, EDC and Megaworld.  Manila Mining also declined.

Local equities shared in the optimism seen in offshore markets given rising hopes for a third round of quantitative easing through bond buy-backs by the US Fed as well as news of China sustaining strong domestic growth.

Overnight, the Dow Jones Industrial Index was up by 44.73 points or 0.36 percent to 12,491.61.

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