Philippine Shares Hit Fresh 9-Year High
MANILA, Philippines (AP) -- Philippine shares soared to a fresh nine-year high Thursday, surpassing the key 2,800-point resistance level on upbeat economic, fiscal and corporate prospects.
The benchmark 30-company Philippine Stock Exchange Index rose 63.55 points, or 2.3 percent, to 2,818.83, its best finish since June 27, 1997. Wednesday, the index fell 1.3 percent.
"Considering the value turnover and the quality of the run-up, the market can still go up during the next session," said First Grade Holdings managing director Astro del Castillo.
He predicted the market could reach a target level of 2,900 points at the end of the year. Given that the 2,800-point level is the year-end target set by a number of brokerage houses, analysts said they are now considering a review of their numbers as it appears the market may extend its rally.
Grace Cerdenia, head of operations at local brokerage 2TradeAsia, said Asia was drawing considerable investor interest because of its prevailing positive economic fundamentals.
In the Philippines, the market's bullishness was fueled by the government's success so far in putting its fiscal house in order. "I think the administration is on track in terms of hitting the bulk of President Gloria Macapagal Arroyo's commitments," said Cerdenia. Foremost is Arroyo's vow to balance the budget by 2008.
Philippine Long Distance Telephone was the most actively traded stock, rising 5.2 percent to 2,545 pesos.
Alliance Tuna International Inc. surged 43 percent to 2.85 pesos following a successful debut Wednesday after an initial public offering last month.
Ayala Corp. ended up 2 percent at 500 pesos, ahead of what analysts anticipate to be positive nine-month financial results due later Thursday.
Megaworld dropped 3.7 percent to close at 2.08 pesos on persistent concerns over the potential dilutive effect of the property concern's planned stock rights offering.
The peso fell slightly Thursday. The U.S. dollar closed at 49.95 pesos, up from 49.89 pesos Wednesday.
----yahoo! Bring in fresh money to the Philippine Stock Market! No pain, no gain!
The benchmark 30-company Philippine Stock Exchange Index rose 63.55 points, or 2.3 percent, to 2,818.83, its best finish since June 27, 1997. Wednesday, the index fell 1.3 percent.
"Considering the value turnover and the quality of the run-up, the market can still go up during the next session," said First Grade Holdings managing director Astro del Castillo.
He predicted the market could reach a target level of 2,900 points at the end of the year. Given that the 2,800-point level is the year-end target set by a number of brokerage houses, analysts said they are now considering a review of their numbers as it appears the market may extend its rally.
Grace Cerdenia, head of operations at local brokerage 2TradeAsia, said Asia was drawing considerable investor interest because of its prevailing positive economic fundamentals.
In the Philippines, the market's bullishness was fueled by the government's success so far in putting its fiscal house in order. "I think the administration is on track in terms of hitting the bulk of President Gloria Macapagal Arroyo's commitments," said Cerdenia. Foremost is Arroyo's vow to balance the budget by 2008.
Philippine Long Distance Telephone was the most actively traded stock, rising 5.2 percent to 2,545 pesos.
Alliance Tuna International Inc. surged 43 percent to 2.85 pesos following a successful debut Wednesday after an initial public offering last month.
Ayala Corp. ended up 2 percent at 500 pesos, ahead of what analysts anticipate to be positive nine-month financial results due later Thursday.
Megaworld dropped 3.7 percent to close at 2.08 pesos on persistent concerns over the potential dilutive effect of the property concern's planned stock rights offering.
The peso fell slightly Thursday. The U.S. dollar closed at 49.95 pesos, up from 49.89 pesos Wednesday.
----yahoo! Bring in fresh money to the Philippine Stock Market! No pain, no gain!
posted by charlotte marie at 11:23 PM
0 Comments:
Post a Comment
<< Home