PSEi posts a new high as investors shrug off external woes

Philippine share prices rose to a new high on Tuesday as investors continued to shrug off external woes. The 30-company Philippine Stock Exchange index inched up 9.64 points or 0.21 percent to 4,485.65 while the all shares marginally climbed 2.05 points or 0.07 percent to 3,103.73. “We are pleased that the Philippine stock market continues to overcome jitters in the global markets which have been affected by debt problems in the US and Europe. Good news has also come from the record highs in gold prices reached this week which have boosted the mining index," PSE President and Chief Executive Officer Hans B. Sicat said. The main index's previous closing and intraday high was at 4,476.01 on Monday. Losers, however, narrowly beat gainers, 73 to 71, while 48 stocks closed unchanged. The six sectoral indices were split in half, with Mining & Oil, Industrial and Financials closing in the green, while Holding Firms, Property and Services ending in the red. Volume traded reached 7.86 billion shares valued at about P7 billion. "The ongoing problems of the US and the Eurozone have not been enough to dissuade the local stock market from moving higher," said Prince Anthony Yeung of AB Capital in market note posted online. Debt worries in the US continued dragged Wall Street overnight Monday. In Europe, meanwhile, banking troubles pushed stock markets lower. In Asia, on the other hand, main indices were mixed with Australia, New Zealand, Singapore, and South Korea trading higher, while those in Japan, Malaysia, Indonesia, Taiwan, Hong Kong and Shanghai trading at a loss. In the local bourse, three of the five most active stocks retreated. Banco de Oro Unibank Inc., the day's top traded and the country's largest lender in terms of assets, dipped P0.15 pr 0.25 percent to P58.85, while rival Metropolitan bank & Trust Co. gained P0.45 or 0.57 percent at P78.95. Lepanto Consolidated Mining Co. "A" jumped P0.08 or 7.41 percent to P1.16. East Asia Power Resources Corp. slipped P0.78 or 19.85 percent to P3.15. Geothermal power producer Energy Development Corp. slid P0.06 or 0.87 percent to P6.86. -- CMA/OMG, GMA News