Philippine Stocks Close at All-Time High

Article excerpt

MANILA, Philippines (Xinhua) - The Philippine stock market defied the sluggish performance of the global equities, closing to yet another all-time high of 4,245.05 on Thursday.The bellwether Philippine Stock Exchange index surged by 1.14 percent or 48.26 points, while the broader all-share index jumped by 1.36 percent or 35.91 points to 2,676.Except for the mining and oil sector which finished lower, the buying was mostly across the board with the holding firm sector leading the gains.Decliners swamped advancers 70 to 54 while 56 shares did not move.The Philippine stock market is generally in a bull trend and it is hard to stop it from moving higher given the optimism among investors, Paul Balaoing, an analyst of PCCI Securities Brokers Corp., said in an interview with Xinhua."Even if the (Asian and the U.S.) markets are mixed, there is nonetheless so much liquidity in the Philippine market. Foreign investors are also pushing the index higher, perhaps optimistic of the potential of the country moving forward," said the analyst. …