Philippine stocks reach new all-time high (April 26, 2012)



The bullish trend in Philippine stocks continued today as the benchmark Philippine Stock Exchange index (PSEi) closed at a new all-time high level of 5,218.97.

The index rose 14.14 points or 0.27% from yesterday’s trading primarily due to the upbeat performance of Wall Street hours earlier and optimism over a possible gas find by Philex Mining Corporation (PX) the country’s largest mining company.

Decliners outnumbered gainers, 102 to 79, with more than 5.405 billion shares valued at P7.616 billion traded in today’s transactions.

Today’s highest gaining stocks are as follows: Top 10 Gainers (April 26, 2012)

[TABLE=139]

The day’s biggest decliners are as follows:

Top 10 Losers (April 26, 2012)

[TABLE=140]

The PSEi’s historic high is primarily attributed to Wall Street’s gain the night before. The Dow Jones rose 0.69% and the NASDAQ jumped 2.30%, its biggest one-day advance for the year. U.S. stocks were bolstered by Apple Inc.’s (AAPL) earnings report that easily beat market expectations. The Apple stock jumped 8.9% to close at $610, adding $46.3 billion to its already huge market capitalization.

Contributing to the PSE’s bullish performance is an announcement by UK-based Forum Energy Plc that the results of seismic data over its oil and gas field in the West Philippine Sea showed that it may yield 4.6 trillion cubic feet of gas and 115 million barrels of oil and liquids. Philex subsidiary Philex Petroleum Corporation (PXP), the day’s biggest gainer, owns 64.45% of Forum Energy.

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