MANILA, Philippines - The local stock market reached a new high on Tuesday, defying the weakness in global bourses, as investors continued to grab mining shares.
The key Philippine Stock Exchange index rose 0.22% or 9.64 points to 4,485.65. Year-to-date the PSEi has gained 6.8%.
"We are pleased that the Philippine stock market continues to overcome jitters in the global markets which have been affected by debt problems in the US and Europe. Good news has also come from the record highs in gold prices reached this week which have boosted the mining index," PSE President and CEO Hans Sicat said.
The mining index surged 1,079.88 points or 4.9 % to close at 23,159.06. Other indices were mixed.
Despite overall gain, market breadth was negative. Decliners beat gainers, 73 to 71, while 48 stocks left unchanged.
A total of 7.86 billion shares worth P6.99 billion were traded.
One of the top gainers, Lepanto Consolidated Mining Co. "A", rose 7.41% to P1.16.