PH stocks hit new record high; settles near 6300
MANILA, Philippines - After playing in the 6300 territory earlier today, the PSE index finally settled at 6,271.23, up 0.58%.
This is the main index's 12th record close for the year.
The PSEi breached the 6,300 level for the first time in afternoon trade. Philippine stocks surged, hitting an intraday record high at 6,320.60.
The strong performance is attributed to bullish expectations for the 2012 GDP report due tomorrow.
Among today's gainers were Megaworld, which climbed 5.75% after receiving an "outperform" rating and Filinvest which rose 4%. Filinvest earlier confirmed its interest in the Cebu Mactan airport.
Meanwhile, the peso ended 11 centavos stronger, closing at 40.62 against the US dollar.
The peso strengthened on equity-linked inflows and demand from interbank speculators.
A foreign bank dealer in Manila said the peso's appreciation may accelerate.
"They would likely want to wait for a dollar/peso's bounce back above 40.70 to reinstate shorts. But I don't think people can wait for the bounce anymore," the dealer said.
But investors were wary of possible intervention by the central bank to prevent it from breaking 40.60, dealers said. They were also cautious before the Fed's policy decision. - With ANC and Reuters