PSEi surges past 6,700 level to new all-time high


Posted at Feb 25 2013 06:09 PM | Updated as of Feb 26 2013 02:16 AM

MANILA, Philippines - Another week, another record high for the Philippine Stock Exchange index.

The PSEi breached the 6,700 level for the first time on Monday, on strong corporate earnings. The main index settled at 6,721.33, up 0.84%.

This is the PSEi's 21st record close for the year. Year-to-date, the PSEi has gained 908.60 points or 15.6%.

Among Monday's gainers were Energy Development Corp., which reported an 89% profit growth. EDC shares rose 2.42% to P7.59.

Meralco also climbed 1.49% to P312.60, after it reported a 29 percent increase in full-year net profit on higher electricity sales.

Manila Water surged 4.16% to P36.30, ahead of its earnings report to be released on Tuesday. Century Properties jumped 11.62% after getting an "outperform" rating by Macquarie.

At the foreign exchange market, the peso closed little changed at P40.68 against the dollar. - ANC