PSEi at all-time high as share prices surge

The Philippine Stock Exchange Index (PSEi) closed at a new all-time high on Friday as share prices were buoyed by positive economic data from the US. The benchmark 30-company PSEi surged 35.19 points or 0.79 percent to 4,458.74 while the all shares gained 17.73 points or 0.58 percent at 3,093.74. Prior to Friday's close, the previous record was at 4,439.61 posted on July 5, 2011. However, on the same day, the PSEi also recorded a higher intra-day level of 4,464. “We continue to be optimistic about the market’s prospects given the Asian region’s relative stability compared with the debt situation in the US and Europe. This was also reflected by the upbeat performance of other Asian markets today," PSE President and Chief Executive Officer Hans B. Sicat said. Market breadth was positive with 111 gainers dominating 43 losers and 36 stocks that closed unchanged. All six sub-indices advanced, led by Financials' 1.05-percent climb. Volume traded reached 4.05 billion shares valued at P6.07 billion. Despite Wall Street's overnight decline, investors found the latest reports that the June retail sales in US were better than expected while weekly jobless claims dropped as encouraging. "We have a lot of potential external developments that can make or break the market. We also have to look at the release of the second quarter earnings results, which should start trickling in next week," AB capital said in a market note posted online. In Asia on Friday, bourses were mixed. Main indices in Australia, Shanghai, Hong Kong, New Zealand and Singapore were trading in the red, while main indices in Japan, Taiwan, South Korea and Indonesia were trading higher. In the local bourse, four of five most active stocks ended in the green. Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets and the session's top traded, jumped P2.60 or 3.38 percent to P79.55. Biodiesel producer Chemrez Technologies Inc. climbed P0.03 or 1.06 percent to P2.87. Property developer Empire East Land Holdings Inc. added P0.04 or 5.19 percent at P0.81. Lodestar Investment Holdings Corp. gained P0.06 or 5.17 percent at P1.22. Geothermal power producer Energy Development Corp. dipped P0.04 or 0.58 percent to P6.88. -- CMA/OMG, GMA News