Saturday, March 17, 2012

News Update PSEi tops 5,100 to close at fresh record high record high

MANILA, Philippines - Local stocks smashed a new record yesterday, topping the 5,100 mark as favorable US economic data and fresh liquidity pumping-measures boosted appetite for risk among the international investment community.
The Philippine Stock Exchange index (PSEi) soared 114.11 points or 2.27 percent to end at a fresh high of 5,145.89, the largest point increase since Feb. 17. Value turnover amounted to a whopping P10.58 billion with a total of 7.097 billion shares changing hands.
There were 132 investors that outran 32 decliners while 42 were unchanged.
The stock market is up about 17.7 percent so far this year on increasing investor optimism.
All counters surged but the outperformers were the industrials and holding firms sub-indices which respectively rose 2.6 percent and 1.75 percent.
By specific stock, the market’s ascent was led by by SM Prime Holdings Inc. whose shares rose 11.52 percent to P18.20 apiece, Ayala Land (5.78 percent at P21.95), Jollibee (13.38 percent at P119.50), Philippine Long Distance Telephone Co. (1.48 percent at P2,734), Ayala Corp. (4.44 percent at P423)
“It appears that as a general trend, the equities market is being rewarded by investors with a huge vote of confidence. Our market continues to uncover new territories and we hope this influences trading activity and redounds to new issuances,” said PSE president and chief executive officer Hans B. Sicat.
Accord Capital Equities Inc.’s Jun Calaycay said shares may be ripe for a pullback to open the next buying window.
Calaycay, however, noted that while the contagion threat remains from Europe’s challenges, the political landscape has been quite stable, despite claims to the contrary by some sectors. - By Zinnia B. Dela Peña