February 13, 2013

Philippine Stock index breaks 6,500-point mark for the first Time in the History

"Everyone is in love with the Philippine market" said by the managing director at investment management firm First Grade Finance Inc. Astro del Castillo as the Philippines for the first time reached an all-time high 68.06 ponts to finish at 6,527.99 in Philippine Stock Exchange Index.

On Wednesday, the stock market broke the record of 6,5000-point mark to its 16th all-time high for this year.

Jun Calaycay, analyst at Accord Capital Equities Corp., said "Riding on the back of improved domestic export numbers, an overnight rise in US equities and company earnings numbers, the market hurdled the challenge posed by the 6,500 resistance enrosute to a fresh intra-day and closing high."

The Philippine Stock Exchange index (PSEi) on the middle of the week surged to a new record, rising 1.05 percent, or 68.06 points to 6,527.99, while the broader all-shares index closed 0.70 percent higher, or 28.64 points to 4,094.18.

“The PSEi made a sustained break of the 6,500 resistance, where it failed three times prior, a little past the half-hour of trades. The industry leader was the third top issue in the value turnover list. The low interest rate regime and the much improved outlook for domestic economic growth has been a boon to the banks. The major banks’ share prices have added between 6.2 percent to 17 percent on the year-to-date,” Calaycay said.