PSEi sets new record close on better-than-expected GDP growth

ABS-CBN News

Posted at Nov 28 2012 06:29 PM | Updated as of Nov 29 2012 04:26 PM

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) makes another record close on Wednesday on the heels of a better-than-expected third quarter GDP report.

The PSEi settled at 5,633.72, up 0.85%. surpassing the
the November 27 close at 5,586.45. This year alone, the PSEi has set new record highs 31 times.

"Our better-than-expected GDP growth for the third quarter and the recent positive news from overseas have helped support the upward momentum of the market.  We are optimistic of more growth in our market and the overall economy," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.

The rally was led by gains in property and retail. Among today's gainers, Ayala Land, which rose 1% to  P23.40 and SM Prime Holdings, which climbed 4.27% to P15.12.

Meanwhile, mining shares fell, as metal prices dropped. Philex Mining is down 1.3%.

At the foreign exchange market, the peso ended barely changed. It closed at 40.90 pesos against the US dollar. - With ANC