Photo from pse.com.ph
MANILA, Philippines–The local stock market carved a new record-high finish on Tuesday as investors loaded up on large-cap stocks on good prospects for the coming year.
The main-share Philippine Stock Exchange racked up 15.79 points or 0.29 percent to close at 5,473.61.
This was the 25th new high posted by the index for this year, topping the record in the previous trading session. The index has also moved closer to the 5,484.63 all-time intra-day high last hit on Oct. 5.
Across the region, however, trading was cautious ahead of the closely fought US presidential elections. A good stream of third quarter local corporate results encouraged investors to take position ahead of 2013.
A slower-than-expected October inflation rate of 3.1 percent versus the September rate of 3.6 percent and the market consensus of 3.5-3.8 percent also contributed to the favorable market sentiment.
Value turnover amounted to P8.37 billion. There were 96 advancers versus 78 decliners while 35 stocks were unchanged.
The PSEi’s rise to another record finish was fueled by investors’ buying of Metrobank (+1.33 percent), BDO (+1.01 percent), AC (+1.03 percent), AGI (+1.73 percent), Megaworld (+2.42 percent), BPI (+0.71 percent), JG Summit (+2.45 percent) and PLDT (+1.15 percent).
Outside of the main index, the stocks that gained in heavy volume were Lopez (+9.01 percent), FPH (+1.78 percent), FLI (+5.84 percent) and Greenergy (+9.52 percent). Security Bank and GT Capital also eked out gains.
In the case of Lopez stocks, they are benefiting from Globe Telecom’s bid to be the white knight of BayanTel. Globe announced on Tuesday an offer to buy up to 100 percent of BayanTel’s debts while it’s also in talks to acquire equity.