USD/PhP: 42.53 - 0.06 PSEi: 4397.30 + 15.44
USD/JPY: 80.95 PFINC: 1029.35 + 3.33
EUR/USD: 1.4214 BDO: 62.50 - 0.90
GBP/USD: 1.6177 BPI: 61.00 + 0.20
PDSTF3M: 3.7981 MBT: 82.85 - 0.20
Prices as of 4:00pm Source: Bloomberg, Reuters
Local stocks continue to soar; PSE best performer in Asia
By Doris Dumlao
Philippine Daily Inquirer
Local stocks rose to a new record high for the third straight day on Thursday, aided by prospects of strong corporate earnings and a fresh monetary easing by the U.S. Federal Reserve.
Now the best performing bourse in Asia, the main-share Philippine Stock Exchange index added 15.44 points or 0.35 percent to finish at 4,397.30.
“Year-to-date, our stock market is now the best performing market in Asia with the PSEi recording an aggregate gain of 1,329.19 points or 45.3 percent, surpassing the growth of the markets in Indonesia and Thailand," PSE president Val Antonio Suarez said.
He noted that the main index was just a few points shy of breaching the 4,400 point-level.
"Aside from sound fundamentals, our market also continues to benefit from the general optimism by foreign investors towards Asian economies. Foreign investors accounted for about 50 percent of today’s trade values,” Suarez said.
On a net basis, net foreign buying amounted to P80 million.
The local bourse firmed up alongside buoyant regional markets on news about the US Fed's plan to buy $600 billion in government bonds, as part of a second phase of its "quantitative easing" to lower perk-up spending and lending. The central bank announced this move after America voted to give back control of the U.S. Congress to Republicans amid a jobless economic recovery in the world's largest economy.
Overnight, the Dow Jones Industrial Index was up by 26.41 points or 0.24 percent to 11,215.13.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
No comments:
Post a Comment