“More fun at 6,000.”
Traders and brokers at the Philippine Stock Exchange (PSE) carried signs carrying that message yesterday and the market followed.
Philippine stocks closed at another all-time high yesterday, up 1.73% from the previous day’s trading, ending at 6,044.91. This is the first time in local stocks history that the 6,000-level was reached.
Yesterday was also the fourth consecutive trading day in 2013 that the market closed at all-time highs. In 2012, Philippine stocks broke the record 38 times. It ended the year up 32.95% — a performance that earned the Philippines a spot in the list of Top 10 Stock Markets in the World.
Investors flocked to stocks yesterdayon expectations of more positive news about the Philippines in 2013.
A week ago, the government announced that 2012 full-year inflation was a benign 3.2%, a number at the lower end of government estimate of 3-5%. This year’s inflation has also been pegged at 3-5%.
Analysts also expect the Philippines to receive an investment grade upgrade in 2013. In terms of credit rating, the Philippines is just one notch below in investment grade rating.
A robust Gross Domestic Product (GDP) is also expected this year, fueled by consumption due to the upcoming May 2013 local elections and remittances from Overseas Filipino Workers.
All stock indices were on positive territory yesterday, led by “Mining and Oil” sector which was up 1.79%; “Financials”, up 1.57%; and “Property”, up 1.45%.
Gainers trumped decliners, 107 to 71, with 39 stocks unchanged.
The Top 10 Gainers in yesterday’s trading were as follows:
Top 10 Stock Gainers – 07 January 2013
The Top 10 Losers were as follows:
Top 10 Stock Losers – 07 January 2013
The performance of the 30-company Philippine Stock Exchange index (PSEi) yesterday is summarized below.
PSEi Performance – 07 January 2013