philippine stock market breaches 5,000 mark, sets 11th all time high record in 2012
new all time high reached, the 11th this year:
note : the above data comes from the Philippine Stock Exchange website itsellf. previous data came from yahoo finance. there are differences in the numbers. we will sort this out as soon as we are able to get the complete data from the PSEI.
click here for the PSEI data: http://www.pse.com.ph/stockMarket/marketInfo-marketActivity.html?tab=1
Philippine stocks hit record high, breach 5,000 mark for 1st time
By: Doris C. Dumlao
The local stock barometer breached the 5,000 mark for the first time in history in intraday trade Thursday, riding on upbeat investor sentiment in a low interest rate regime. The index, however, pared down gains at closing.
The main Philippine Stock Exchange index (PSEi) finished 40.96 points, or 0.84-percent higher, at 4,938.61, pulling back from the day’s peak of 5,011.
Dealers said the 5,000-mark was breached in the morning as investors anticipated a further monetary easing by the Bangko Sentral ng Pilipinas (BSP) while global risk appetite was also boosted by a fresh liquidity release by the European Central Bank.
As expected, the BSP cut after the market closed its main policy rate by 25 basis points to a record low of 4 percent to help cushion the domestic economy from the global slowdown.
Top lender Bank of the Philippine Islands closed nearly 5 percent higher and second-ranked Metropolitan Bank & Trust Co. rose 3.7 percent.
“The market anticipated another rate cut and we’ve seen a lot of buying into banks,” said Ira Ganhin, an analyst with Manila-based BPI Asset Management.
“The level of bad loans has fallen while loan growth is also increasing. So everything seems to be going right for the banking sector,” he said.
All counters performed strongly in morning trade but toward the end of the session, the property, services and mining/oil counters succumbed to profit-taking.
The financial counter outperformed the main index as it gained 2.5 percent while the industrial and holding firm counters firmed up slightly.
“The PSEi breached the 5,000 level but was unable to sustain it. The market is susceptible to near-term consolidation. We, however, view pullbacks as opportunities to increase exposure,” said Mark Angeles, head of research at First Metro Securities. “The financial world is better today than it was last year.”