MANILA, Philippines - Shares zoomed to a new record high on the first trading day of the year, after US lawmakers passed a deal to avoid falling into a 'fiscal cliff'.
|A Philippine Stock Exchange official blows horns during the start of the first trading session of 2013 at the Philippine Stock Exchange in Makati, January 2, 2013. Photo by Cheryl Ravelo, Reuters
The Philippine Stock Exchange index gained 0.83% or 48.26 points to close at 5,860.99 on Wednesday, while the broader all-shares index finished 0.75% or 27.81 points higher at 3,726.79.
This marks the year's first record high, after the local bourse saw 38 record highs in 2012.
"World markets have cheered the photo finish resolution of the fiscal cliff in the US. We're off to a good start in 2013... In 2013, we will once again be challenged to become better and to push the market to even greater heights. Our plans for the Exchange and stock market have been laid out and I assure you that there is great reason to be excited again this year," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
All sub-indices were in the green, with the holding firms growing by 1.33% or 68.68 points to 5,219.44, and the services industry adding 1.27% or 21.87 points to close at 1,746.52.
Mining and oil companies rose 1% or 193.93 points to 19,602.31, while the industrial sector increased by 0.98% or 86.81 to 8,964.1.
Financial firms went up 0.23% or 3.49 points to 1,529.44, while property companies gained 0.12% or 2.81 points to 2,307.44.
But trading volume and value decreased at 2.24 billion shares worth P4.35 billion changing hands, from the 3.71 billion shares worth P7.87 billion on Dec. 28.
Advancers outpaced decliners, 128 to 46, while 29 stocks remained unchanged.
The top two most traded shares were both Henry Sy-led firms: SM Investments Corp., whose shares closed at P900 apiece, gaining 2.04% or P18, and BDO Unibank, Inc., whose shares finished at P73 apiece, up by 0.27% or P0.20.
Gotianun-led Metropolitan Bank and Trust Company came in next although its shares went down by 0.2% or P0.20 to close at P101.80 apiece.
Semirara Mining Corp., meanwhile, closed 0.6% or P1.4 more at P234.80, as Ayala-led Globe Telecom, Inc. finished at P1,089 apiece, losing 0.27% or P3.