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Business
Aquino sees stock index breaching 6,000

President Benigno Aquino 3rd sees the Philippine Stock Exchange index hitting the 6,000 mark soon, a view shared by PSE Chairman Jose Pardo.

“The PSEi’s [Philippine Stock Exchange index] performance has never been better,” President Aquino said in his speech at the awarding ceremony of the First PSE Bell Awards for Corporate Governance.

His prediction may have been heard by market traders who pushed the stock index to another record on Tuesday, this time breaching the 5,700 mark.

“The record highs, increase in equities, and outstanding GDP [gross domestic product] growth are symbols of the potential we have to create a broader and more dynamic Philippine economy,” Mr. Aquino said.

Pajardo, for his part, said that the PSEi will surely breach the 6,000 mark “sooner than later” on the back of good economic fundamentals, which also caused the momentum for the index to reach new highs within the week.

On Monday, the local bourse awarded five listed firms and six brokerage firms during the First PSE Bell Awards for Corporate Governance.

The five listed firms that bagged an award were SM Prime Holdings Inc., Globe Telecom Inc., Ayala Land Inc., China Banking Corp. and Manila Water Company Inc. Three of the firms awarded are owned or controlled by Ayala Corp., also a listed company.

The six brokerage firm that were given corporate governance awards were Macquire Securities Inc., COL Financial Inc., CLSA, Armstrong Securities Inc., Tri-state Securities Inc. and PCIB Securities Inc.

PSE said that the Bell Awards seek to raise corporate governance standards and promote global best practices in the local stock market, by recognizing excellence in corporate governance among listed companies and trading participants.

34th all-time high
Meanwhile, the PSEi raced to its 34th all-time high on Tuesday, rising by 0.59 percent, or 33.58 points to 5,706.28, while the broader all-shares index surged 0.42 percent, or 15.41 points to close at 3,676.53.

“Even against the backdrop of extreme technical levels and a drop in markets across Asia, local stocks sustained its record-breaking performance, hinting at a 34th new high. Investors shrugged off an early weakness moving to the buy side ahead of the release of November inflation,” Jun Calaycay of Accord Capital Equities Corp. said.

He added that “expectations are biased towards a slight uptick, but is far from threatening the full-year target band. This allows the BSP [Bangko Sentral ng Pilipinas] a lot of elbow room when it meets for the last time to decide on policy rates next week.”

Jonas Ravelas, chief market strategist of Banco de Oro Unibank Inc., said in a text message that the market hitting the 5,700 shows that it still has some gas to move higher.

“Could still see 5,750 to 5800,” he said.

All the sub-indices were in also in green for the first time this week, led by the property counter, which went up by 1.19 percent, or 25.91 points to close at 2,206.95.

Mining and oil finally recovered, climbing 0.73 percent, or 130.74 points to close at 18,010.89, followed by holding firms, which increased 0.63 percent, or 31.27 points to 5,017.08.

Financials inched up by 0.53 percent, or 8.06 points to 1,521.99, while the industrial counter gained 0.31 percent, or 27.41 points to close at 8,874.57. Services ended flat with a 0.27-percent, or 4.70-point gain to 1,721.31.

Surprisingly, advancers only edged losers, 76 to 75, while 56 shares were unchanged.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36672-aquino-sees-stock-index-breaching-6-000

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Aquino sees stock index breaching 6,000


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