PSE index reaches new high at 4,286.87 pts

The Philippine Stock Exchange index continued to climb higher on Friday, closing at 4,286.87 to mark a new high on strong investor optimism. “There was a follow-through buying from [Thursday] despite the bomb scare," analyst Martin Santos of First Metro Securities Brokerage Corp. “There was merely too much money wanting to enter the market." The PSEi gained 37.82 points or 0.89 percent, overshadowing the previous record high on Thursday at 4,249.05. “The gains of the stock market continue to mirror investor confidence as affirmed by our ranking among Asian markets. Year to date, our index has gained 1,234.19 points or an increase of 40.43 percent, a clear signal of support to the country and its economy," PSE President and Chief Executive Officer Val Antonio B. Suarez said. More than 1.594 billion shares valued at P5.075 billion changed hands. Advancers outnumbered decliners 94 to 41, and 51 issues remained unchanged. Santos said the market “continued to peak" after Wall Street gained 38.60 points to close at 11,146.57 overnight. Philippine investors weighed forecast-beating earnings from some companies in the US, he also said. Positive comments reported from the Federal Reserve’s Beige Book spoke of a “slowly improving economy and a far from gloomy outlook" for the US, AB Capital Securities Inc. said. “This encouraged investors and lifted the US markets higher," the brokerage firm pointed out in a report The Beige Book is more formally called as the Fed’s “Summary of Commentary on Current Economic Conditions." — JE/OMG, GMANews.TV