Local stocks rally to new all-time high


Posted at Feb 17 2012 05:25 PM | Updated as of Feb 18 2012 06:56 AM

MANILA, Philippines - Stocks reached a new all-time high on Friday, tracking the rally in global markets, thanks in part to favorable economic data in the US.

The Philippine Stock Exchange main index rose 114.14 points or 2.4% to 4,880.71, breaching the previous high set on Feb. 2 of 4,822.08 points.

The broader all-share index, on the other hand, jumped 51.46 points or 1.6% to 3,284.31.

All subindices finished in positive territory, led by the property sector, which soared 4.3%.

Gainers beat losers, 123 to 56, with 28 stocks left unchanged.

A total of 9.9 billion shares worth P8.3 billion were traded.

"Hopes towards a second bailout for Greece as well as positive data on the US jobs and housing markets have boosted today's trading following tepid market movement in the past days," said PSE president and CEO Hans Sicat.

"Strong corporate and local fundamentals have in turn pushed the market further as the gains we posted today topped the other market rallies in Asia," he added.