Philippine Daily Inquirer
5:08 pm | Thursday, December 6th, 2012
Photo from pse.com.ph
MANILA, Philippines—The local stock market soared to its 35th record-high this year as yield-seeking investors flocked to equities given historically low interest rates.
The main-share Philippine Stock Exchange index rallied by 75.92 points, or 1.33 percent, to close at 5,763.64.
“Euphoric sentiment, driven by the conducive macro outlook, strong foreign inflows, and record low 10-year Philippine bond yields are driving the market to all-time highs,” said Mark Angeles, head of research at First Metro Securities.
“The strong rally, however, has now stretched multiples, making the Philippines one of the most expensive equity markets in Asia,” he said.
Index heavyweight PLDT (+2.76 percent) was the day’s most actively traded stock.
The index was also led higher by Megaworld (+4.85 percent), BDO (+3.95 percent), Globe (+2.94 percent), RLC (+2.79 percent), AP (+2.74 percent), AEV (2.72 percent), URC (+2.21 percent), AC (+2.16 percent) and Metrobank (+2.12 percent).
Value turnover was high at P11.45 billion. There were 103 advancers versus 72 decliners while 38 stocks were unchanged.
All counters jumped but the biggest beneficiaries were the services (+1.72 percent), financial (+1.27 percent) and property (+1.14 percent) counters.
Follow Us
Recent Stories:
Short URL: http://business.inquirer.net/?p=96815
Tags: Markets and Exchanges , Philippine Stock Exchange , Philippines , Stock Activity , Stock Market
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
seo tools
No comments:
Post a Comment