RP stocks up 1.7% to record high on foreign, domestic buying

(Updated 1:42 p.m.) Shares on the Philippine Stock Exchange rose in active trading Tuesday, buoyed by foreign and domestic buying in property and financial issues to pierce the 4,300 level and close at a new high. The PSE index gained 73 points or 1.71 percent to close at 4,341.74. More than 1.985 billion shares valued at P5.967 billion changed hands. Gainers led losers 86 to 49, with 34 issues closing unchanged from Friday’s levels. The market was closed Monday for a holiday. Expectations of strong corporate results continue to drive the market higher, said analyst Jose Vistan of AB Capital Securities Inc. No doubt the market continues to track an upward trend, though not in a straight line, said a trader of Abacus Securities Corp. “When the market drops, its on the higher lows. When it goes up, its on the higher highs," the Abacus trader said. The market sees property and bank issues gaining from the strong macro fundamentals of the Philippines, he added. “The market’s pace and depth is setting the tone for favorable capital raising activities in the stock market," PSE president and CEO Val Antonio B. Suarez said. — VS, GMANews.TV