News: Philippine Stocks Touch New Highs on Growing Optimism in Local Equities -
27 Sep 2010
MANILA, Philippines (Xinhua) - Philippine stocks soared to a new record high Tuesday thanks to continued optimism on the local economy.The bellwether Philippine Stock Exchange index (PSEi) rose by 0. 84 percent or 34.45 points to finish at an all-time high of 4,087. 96. The broader all-share index climbed by 0.2 percent or 5.32 points to 2,540.82.The composite index also touched an intra-day high of 4,125.50 in early trade before trimming down some of its gains. Year-to- date, the PSEi has gained a total of 1,035.28 points or 33.91 percent. Market capitalization also stood at 7.3 trillion (165 billion U. S. dollars) year-to-date.Trading volume also continues to grow where a total of 5.39 billion shares worth 7.99 billion pesos (180 million U.S. dollars) changed hands. Foreign investors continue to pour in, posting a net foreign buying of 71.76 million pesos (1.62 million U.S. dollars)."From the beginning of the year, our initial data show that we are among the best performing indices in Asia and have outperformed most of our regional peers," PSE President and Chief Executive Officer Val Antonio B. Suarez said in a statement."We continue to be encouraged by the market's bullish trend as this paves the way for successful listings and prospective public offerings at the stock exchange," he added.Juan Carlos Garcia, analyst at local brokerage 2TradeAsia.com, said investors are anticipating the Federal Open Market Committee meeting on Wednesday where they expect regulators to retain their benchmark rate.
"This is positive for the market (which continues to turn a blind eye on the other negative news)," Garcia said.
(Source: Manila Bulletin Online, Business Section, by Kristine Jane R. Liu, 09/21/2010)