MANILA, Philippines (UPDATE) - The Philippine Stock Exchange (PSE) index on Wednesday made its 16th record close for the year.
The main index closed at a new all-time high 6,527.99, up 1.05% or 68 points.
The PSEi was lifted by Ayala Land, which rose 4.5% to P30.85 after reporting a record P9.04 billion profit for 2012. Ayala-led companies, Bank of the Philippine Islands and Ayala Corp., also went up by 3.28% and 0.44% respectively.
Other advancers include Puregold, which is up 1.5% and SM Investments which rose 0.40%.
Year-to-date as of Wednesday, the PSEi is already up 12.3% or 715.26 points.
“Our stock market closed today on a high note along with other Asian stock markets. Expectations of stronger economic growth have continued to spur investor interest in the equities market. We are optimistic that such growth will continue to redound to corporate earnings and sustain the market’s hike to new levels,” PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
At the foreign exchange market, the peso ended 2 centavos stronger, closing at P40.67.
Meanwhile, markets in Hong Kong, Taiwan and China remained closed for the extended Lunar New Year holiday. - With ANC