Bullish investors prop up bourse
Rosalinda L. Orosa (The Philippine Star) - January 21, 2013 - 11:00pm

MANILA, Philippines (Xinhua) - The stock market closed at a new high today as investors remained bullish of the local economy.

The bellwether Philippine Stock Exchange index gained 0.53 percent, or 32.49 points, to 6,171.70, while the broader all-share index rose by 0.38 percent or 14.83 points to 3,877.24.

Trading volume reached 2.93 billion shares worth P6.14 billion ($151.14 million), with 88 stocks advancing, 69 declining, and 51 were unchanged.

Of the six counters, only the industrial sector bucked the trend.

"The Philippines might just be named as the new economic power in Southeast Asia with gross domestic product surpassing expectations and targets despite global economic weakness," Maria Arlysa Narciso of AB Capital Securities, Inc. said.

Narciso said she expects the local economy to remain robust due to low interest rates, benign inflation and higher government spending.

Investors also seem to be unfazed by the developments in the United States which is scrambling to find a way out of its credit woes.

"Without a doubt, the fundamentals are solid and intact for the listed stocks. Except for a short consolidation period, we could find no compelling reason to pull the market lower," Narciso said.

Stocks in the 30-company index closed mixed. Among those picked up were heavyweight Philippine Long Distance Telephone Co. And SM Investments Corp.




















 

CAPITAL SECURITIES INDEX INVESTMENTS CORP MARIA ARLYSA NARCISO NARCISO PHILIPPINE LONG DISTANCE TELEPHONE CO PHILIPPINE STOCK EXCHANGE SOUTHEAST ASIA UNITED STATES XINHUA
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