After getting an investment rating upgrade it seemed that the Philippine economy is really into the vibrant stage. With great anticipation to good market result brought by the upgrade investors plunge into local stocks to buoyed the Philippine Stock Market into its new all time high.
The PSE’s main index PSEi close today at 6,957.10 the first time in its history to close at the 6,900 level and is only 47 point shy to close the 7,000 mark. PSEi jumped today by 1.45% or 99.62 points from its yesterdays close of 6,857.48.
Market’s gainers is led today by Mabuhay Vinyl Corp. adding 15.59% to close at the value of 1,294.44 while losers were led by Euro Med Laboratories which goes down -9.52% at 11,400.
All indices today are on the upward swing led by the Property index which goes up by 2.21% or 61.62 points to close at 2,849.60 then followed by the Service index at 2,034.01 up by 1.92% or 38.29 points. Holding firms added 74.58 points to close at 6,255.72, Financials on the other hand is up by 1.16% at 1,783.48. The broader All Shares index added 1.0% or 42.95 and closed at 4,348.67. Mining and oil is also up by 99.45 points at 20,802.58 and the Industrial index which closed at 10,557.42 up by 0.13%.
Total volume turnover was 2,464,088,433 with the total value of 12,134,362,789. Advancers led the decliners at 108-44 and 55 unchanged.
With this current trend, it’s really not impossible that as early as Q2 of 2013, the PSE will move up and bridged the 7000 mark. And with that happen, it will be another milestone for the Philippine economy which can further boost its investor confidence that will lead to a more competitive regional economy not only in South East Asia but in all of the Asian region.