Friday, 5 November 2010

PSE best performing stock market in Asia

Stocks hit new record high
Manila Standard

THE Philippine Stock Exchange index extended its rally this week and finished at a new historic high on Thursday.

The PSEi surged by 15.44 points or 0.35 percent with value turnover reaching P4.8 billion.

Trading volume reached 1.72 billion shares.

There were 71 gainers against 63 decliners in Thursday trading.

“Year-to-date or as of Nov. 3, 2010, our stock market is now the best performing market in Asia with the PSEi recording an aggregate gain of 1,329.19 points or 45.3 percent, surpassing the growth of the markets in Indonesia and Thailand,” PSE President and chief executive Val Antonio Suarez said.

“Aside from sound fundamentals, our market also continues to benefit from the general optimism by foreign investors towards Asian economies. Foreign investors accounted for about 50 percent of today’s trade values,” he added.

Top gainers were Philippine Bank of Communications, Megaworld Corp., Manchester International Holdings Unlimited, Apex Mining Co., First Metro Investment Corp., Security Bank Corp., Holcim Philippines Inc., and Robinsons Land Corp.

Decliners included Interport Resources Corp., APC Group, Inc., Cyber Bay Corp., Euro-Med Laboratories Phils., Inc., and Macroasia Corp.

Traders said the announcement by the US Federal Reserve that it would pump in $600 billion into the US economy perked up regional markets.

The Dow Jones Industrial Index rose 26.41 points to 11,215.13, its highest close in two years.

Japan’s benchmark Nikkei 225 stock index jumped 204.94 points, or 2.2 percent, to 9,364.92 despite pressure on exporters as the dollar fell below the 81 yen level.

Hong Kong’s Hang Seng index climbed 0.9 percent to 24,363.54 while China’s Shanghai Composite Index rose 0.6 percent to 3,047.78.

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