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Business
PH stock index ends week with new record

Just like the previous week, Philippine shares concluded the first week of December with another record, registering only one correction in mid-week and almost breaching 5,800-mark in the morning of Friday.

Harry Liu, president of Summit Securities Inc., said in a phone interview that the market is backed up by the good economic data in and out of the country. He said that one of the biggest factors for the market’s good status is Europe’s actions to address the fiscal problem within the region.

“Europe is stabilizing and the problems in China are also being addressed already,” Liu added.

 He, however, said that the market will experience correction before the upward trend continues next year.

Analyst Jun Calaycay of Accord Capital Equities Corp. said that the hoped for correction was seen to be driven by the short-term news cycle of the US fiscal cliff debates.

“Although our position is that at the end of the day, US politicians from both sides of the aisle will come to their senses and agree to, at the very least, a stopgap measure to get past the transition from 2012 to 2013. We supposed, and still continue to do so, that the debates will alternately turn sentiments both ways. Europe will provide its share of negative impetus to justify what the technical readings have been suggesting—that the market is way too deep in overbought territory,” he added.

The Philippine Stock Exchange index continued to ascend on Friday, registering an improvement of 0.53 percent, or 30.56 points to 5,794.20, while the broader all-shares index rose by 0.35 percent, or 12.86 points to 3,716.46.

“For much of the year, we have heard market denizens talk of things getting worse before it gets better. This only heightened the irony of the bourse’s performance—and the economy too. Rather than slipping, it rose and then rose again. Investors bought high and prices got higher. True, there were some respites, shocks and surges of fear that threatened to reverse the action, but the irony lived on,” Calaycay added.

 Surprisingly, mining and oil topped the sub-indices, rising 0.93 percent, or 167.32 points to 18,236.41, followed by the services counter, which advanced by 0.80 percent, or 13.95 points to 1,763.49. Holding firms went up by 0.74 percent, or 37.21 points to 5,072.70, while property improved by 0.24 percent, or 5.29 points to 2,225.55.

 Financials also advanced, climbing 0.23 percent, or 3.51 points to 1,550.85, followed by industrial, which went up by 0.14 percent, or 12.25 points to 8,910.33. Advancers surprisingly lost to decliners, 74 to 89, while 47 shares were unchanged.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36909-ph-stock-index-ends-week-with-new-record

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