PSEi hits new high on upbeat expectations

ABS-CBN News

Posted at Nov 23 2012 05:32 PM | Updated as of Nov 24 2012 06:31 AM

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) reached a fresh high on Friday, on upbeat expectations for the economy.

The PSEi closed at 5,552.34, 38.97 points or 0.7% higher than Thursday's close. This also surpassed the November 21 record close at 5,534.18.

"Upbeat expectations on both the listed company and macroeconomic fronts continue to infuse excitement in our investors. Local developments have been able to overshadow ongoing concerns abroad, and this certainly bodes well for the market as we look to end 2012 on a high note," PSE Chief Operating Officer Roel A. Refran said, in a statement. 

This year alone, the PSEi has reached 28 new record highs. 

On Friday, the main index was lifted by PhilWeb, Philippine National Bank and Bank of the Philippine Islands (BPI).

PhilWeb climbed almost 8% after the gaming company announced it is buying back shares from the market.

BPI and PNB rose over 3%, even as both banks said they have nothing to report on merger talks that excited the market earlier this week.

PNB said no such proposal has been presented to its board because there is no such agreement among shareholders.

Meanwhile, at the foreign exchange market, the peso barely moved at P41.05 against the US dollar. - With ANC