Wednesday, May 14, 2014

PSE index reaches 2014's all time high yet

Share prices reached higher during the closing of PSE on Tuesday (May 13, 2014), with the main index recording the highest for the year as the market rode on investors’ confidence on the improving the country's economy fundamentals. The Philippine Stock Exchange index (PSEi) gained 41.47 points to 6,852.81, while all other sub-indexes were nearly increased. The main index also reached its highest in 11 months when the PSEi closed at 6,875 points on June 10 last year.

The Metropolitan Bank and Trust Company, simply known as Metrobank, stated that the optimism over the recent credit-rating upgrade of the Philippines had a spill over in this week’s sessions. This was further echoed by the continuing release of first-quarter earnings.

“Expect to see more first-quarter results releases moving toward the May 15 deadline,” Metrobank said. Other sub-indices were mostly up, led by the All Shares that gained 30.35 points to 4,135.98. The Financials index bagged 4.18 to 1,613.53, the Industrial index was up 63.13 to 10,339.94 and the Holding Firms index rose 63.88 to 6,275.33. The total volume of trade was at 1.79 billion shares which translated to P9.7 billion. Gainers edged losers 126 to 61, with 36 stocks were calm.

Lucio & Susan Co-led supermarket chain - Puregold Price Club Inc. - was the day’s most traded share and reached its highest since its listing. Its share price gained 4.3 percent, up P2 to close at P48. Puregold chair Lucio Co shared his plans to consolidate the operations of privately-held Puregold DutyFree stores in Clark and Subic into Puregold.

Philippine Long Distance Telephone Co. (PLDT) was down P8 to P2,894; Ayala Land Inc. gained P0.25 to P32; Alliance Global Group Inc. lost P0.60 to P29.80; Metrobank rose P0.05 to P86, while the lightly traded Bright Kindle Resources and Investments Inc. barged into the mostly traded and increased 31.25 percent, or from P0.75 to P3.15.

         Overall, the local market got a boost from S&P’s fresh credit rating upgrade on the Philippine government, which is now a notch higher than the minimum investment grade rating at S&P’s scale.

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