PSEi breaches 5,700 level; sets new record close
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) makes another record close on Tuesday, breaching the 5,700 level with shares of consumer goods and retail companies hitting new highs.
This is the PSE index's 34th record close this year. The index settled at 5,706.28, up 0.59%.
Among Tuesday's gainers were SM Prime Holdings which climbed 2.7% and Robinsons Land which rose 3.8%.
Philex and other mining shares are also on a rebound following news of a revenue sharing scheme proposal.
At the foreign exchange market, the peso ended barely changed, closing at P40.87 against the dollar.
Asian markets mixed
Asian markets were mixed Tuesday following weak US manufacturing data and fears over US talks aimed at averting the fiscal cliff, while Hong Kong and Shanghai rebounded from the previous day's losses.
The euro touched a six-week high against the dollar at one point, helped by news Greece has began a debt-buyback programme and eurozone finance ministers had nodded through a bailout for Spain's troubled banks.
Tokyo fell 0.27 percent, or 25.72 points, to 9,432.46, Sydney eased 0.62 percent, or 27.9 points, to 4503.6 and Seoul lost 0.25 percent, or 4.84 points, to close at 1,935.18.
Hong Kong was 0.15 percent higher, adding 32.12 points to end at 21,799.97 while Shanghai was up 0.78 percent, or 15.37 points, at 1,975.14.
Both markets rebounded after posting heavy losses the previous day.
US shares turned down on Monday after the Institute for Supply Management said its index on manufacturing activity for November showed contraction after two months of expansion.
The purchasing managers index (PMI) fell to 49.5, below the 50 breakeven level, from 51.7 in October.
Businesses the ISM surveyed blamed the slow global economy and uncertainty over the fiscal cliff battle in Washington. It followed positive manufacturing numbers across Asia, while Europe also saw a marginal improvement.
The Dow slid 0.46 percent, the S&P 500 fell 0.47 percent and the Nasdaq shed 0.27 percent.
US politicians have until the end of the month to agree a deal on cutting the country's huge deficit and avoid the fiscal cliff of huge tax hikes and spending cuts widely expected to tip the economy into recession if they take effect.
However, there has been little progress, with Republican and Democrats blaming each other for the stalemate.
On Monday the Republicans put forward a proposal to the White House that calls for $800 billion in increased tax revenue, half of what President Barack Obama has proposed, while it also includes huge cuts to Medicare and other programs. The plan was immediately rejected. - With ANC and Agence France-Press