Philippine Stocks Exchange soars to a new record high

Investor confidence must be really high in this part of the world. As most Asian markets moved down due to different economic and political factors, the Philippine Stock Market counter-flowed and move upward to hit another record high.

The PSE Index closed today at 5,457.82, up by 33.31 points or 0.61%, surpassing its previous record high of 5,443.74 recorded last October 4.

Almost all of the indices at the Philippine Stocks Exchange moved upwards except for the Service and Mining and Oil Indices which were down at 1,743.84 by 10.44 points or 0.60% and 19,857.39 by 55.49 points or 0.28% respectively. All Shares Index was up by 3.58 points or 0.10% at 3,584.17, Financial index was also up at 1,404.47 by 29.74 points or 2.16%. Meanwhile, Industrial Index also moved up by 99.27 points or 1.16% at 8,635.87, Holding Firms Index at 4,648.13 by 22.91 points or 0.50% and Property Index at 2,111.99 by 4.62 points or 0.22%.

This is a good sign for the economy signalling its strength and improvement. The government should with its economic policies and continue to work more on its economic road map to protect these gains.

Meanwhile, on the Foreign Exchange Rate, Peso is also up as it closed 41.20 against the previous 41.26 last Wednesday (October 31, 2012).

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