PSEi hits 5,300 level for the first time

Posted at | Updated as of 05/04/12 4:46 AM

MANILA, Philippines - Local stocks notched their 19th record high for this year, the most set at the Philippine Stock Exchange in nearly two decades.

The Philippine Stock Exchange index (PSEi) closed at  5,300.41, another fresh all-time high on Thursday surpassing the record set on Wednesday. The PSEi gained 1.4% to breach the 5,300 level for the first time.

Analysts say expectations of upbeat first quarter earnings from listed stocks, as well as low inflation fueled Thursday's advance.

Buying in select stocks, particularly holding firms such as Aboitz Equity Ventures, Ayala Corp. and JG Summit also pushed the index higher.

"Expectations of stronger economic growth have spurred more investor interest in the equities market. The administration’s recent projection of a 5 to 6 percent economic growth in 2012 is also affirming this sentiment. Hopefully such growth will continue to redound on corporate earnings and sustain the market’s hike to new levels," PSE president and CEO Hans B. Sicat said. - With ANC