PSEi makes 9th record close for 2013
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) made its 9th record close for the year today, settling at 6,171.70, up 0.53%.
The rally was boosted by shares of PLDT which climbed 3.2%. Other advancers include SM Investments, which rose 1.34% and Philex Mining also up on bets Padcal mine could open sooner than expected.
The main index hit a new intraday high in mid-morning trade, hitting 6,193.25, just a few points shy of the 6,200 level.
"The market continues to ride the wave of investor confidence in the Philippines. We are optimistic that this can be further sustained, given the general uptrend across various macroeconomic indicators," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
Meanwhile, at the foreign exchange market, the peso ended 12 centavos weaker today, closing at P40.70 against the dollar.
Asian markets end mixed
Asian markets were mixed Monday, with Tokyo's Nikkei hit by a stronger yen and profit-taking after last week's rally, while dealers await the outcome of a policy meeting at the Bank of Japan.
Wall Street provided a strong lead, with the Dow and S&P 500 hitting more than five-year highs Friday after Republicans proposed a three-month increase to the US debt ceiling in order to agree a budget and long-term spending cuts.
Tokyo's Nikkei, which hit a 33-month high Friday, fell 1.52 percent, shedding 165.56 points to 10,747.74. Sydney closed up 0.13 percent, or 6.3 points, at 4,777.5.
Seoul ended flat, dipping 0.99 points to 1,986.86. Hong Kong was also barely changed, edging down 10.87 points to 23,590.91.
Chinese shares closed up 0.48 percent, extending Friday's gains after Beijing released data showing the economy grew faster than expected last year. The benchmark Shanghai Composite Index rose 11.15 points to 2,328.22 on turnover of 113.0 billion yuan ($18.2 billion).
Policymakers at Japan's central bank on Monday began a two-day meeting that markets widely expect will see them adopt a two percent inflation target and unveil more monetary easing.
The yen has tumbled in recent months -- sending the stock market surging -- since Shinzo Abe promised before December's election that he would urge the bank to be more aggressive in its battle to save the economy.
Abe swept to power in the poll and has since moved to bring BoJ policies into line with his new government's position.
"All eyes are on the Bank of Japan, which should come through to meet expectations for more easing and some kind of inflation target rhetoric," said SMBC Nikko Securities general manager of equities, Hiroichi Nishi. - With ANC and Agence France-Presse