MANILA, Philippines - Local stocks reached a new all-time high on Monday, buoyed by gains in the US and Asian markets.
The Philippine Stock Exchange index rose 69.93 points or 1.61% to P4,421.56, surpassing its previous high of 4,397.30 recorded on November 4, 2010.
Value turnover reached P7.29 billion, with 2.1 billion shares changing hands.
Advancers beat decliners, 101 to 33, while 37 stocks were unchanged.
"US and Asian markets appeared to have received a boost from good news at the end of last week, particularly a possible resolution of the Greece debt problem and strong economic data from the US," PSE president and CEO Hans Sicat said in a statement.
On Friday, the Dow Jones Industrial Index surged 1.36% as investors cheered better-than-expected US manufacturing data for June, and the passage of austerity measures needed for the release of Greece's bailout package.
Meanwhile, the PSE reported that the PSEi gained 2.14% to close at 4,291.21 in the first half of 2011. The bourse said recent gains stemmed from the credit ratings upgrades by Fitch Ratings and Moody's Investors Service.
"Trading appears mixed during the second quarter but recently picked up due to investor confidence-boosting news provided by the country’s recent ratings upgrades," Sicat noted.
Total value turnover for the first half reached P661.81 bilion, 28.9% higher than the P513.30 billion registered in the same period last year. The combined market capitalization of listed issues in the PSE during the period rose by 33.4% to P8.91 trillion compared with P6.68 trillion in the same period last year.
Preliminary figures also showed that foreign investors went into net buying territory during the first half in the amount of P14.75 billion.
"Uncertainties abroad, particularly the Euro zone's ongoing debt crisis and China's declining exports, kept some of our foreign investors on the sidelines," Sicat said.