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PSEi surges 2.56% to close at 3,902.56; an all time high


(Updated: 1:47 p.m.) The Philippine Stock Exchange index soared to an all time high Thursday, gaining 97.98 points or 2.56 percent to close at 3,902.56, driven by foreign funds in search of better returns outside Wall Street and other traditional markets still reeling from the global financial crisis. Over 2.162 billion shares valued at P6.367 billion changed hands. Winners led losers 100 to 35 with 49 issues closing unchanged from Wednesday’s close. The volume speaks a lot about foreign participation, said Kenneth Yu, a senior trader of Yu and Company. "At P3 billion you can be sure that that’s largely local. Beyond that, it means there’s foreign buying." Strong underlying fundamentals Property stocks have very strong underlying fundamentals to show, said Yu, adding that there was a lot of speculation going on in blue chip issues that local and foreign investors took positions in those stocks. The administration of President Benigno Aquino III spurred at lot of confidence when he took over the reins of government by addressing corruption as the most pressing problem of the country. He promised less corruption, and less corruption means more money for the government to boost its revenue, Yu said. Still, Yu thinks that the level of foreign participation helping the market these days is "nothing compared to the total pie [of foreign funds moving around the workd], saying that foreign fund managers "are always looking for other markets" to conquer. "That is why I think we still have a long way to go." —VS, GMANews.TV
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